Stablecoin firm Circle has applied to the Office of the Comptroller of the Currency (OCC) for a trust bank licence.
If approved, the national trust bank, First National Digital Currency Bank, N.A., would be authorised to operate as a federally regulated trust institution, with OCC oversight. It would also oversee the management of the USDC Reserve on behalf of Circle’s US issuer.
Circle to get its charter granted by OCC
Circle aims to strengthen the infrastructure that supports the issuance of USDC, offering digital asset custody services to institutional customers. A federally regulated trust charter would enable Circle to meet requirements under the proposed GENIUS Act legislation, reflecting a step forward in integrating digital assets into the US financial system.
The fintech views the creation of a national digital currency trust bank as a key step in its mission to build a transparent, efficient, and accessible internet-based financial ecosystem. This initiative reinforces the USDC infrastructure and aligns with evolving US regulations on payment stablecoins, which Circle believes can enhance USD adoption, boost resilience, and support the development of neutral financial infrastructure for global institutions.
Circle’s OCC application aligns with its goal of seeking key licenses and authorisations in multiple jurisdictions. In 2015, the fintech secured the first NYDFS BitLicense and remains committed to working with NYDFS, a digital asset regulator in the US, to this day. Last year, the company became a stablecoin issuer that complies with the EU’s landmark Markets in Crypto-Assets (MiCA) framework, and, recently, it received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider.
The whole initiative follows Circle’s IPO, which valued the company at USD 18 billion. Circle offered 14.8 million shares in the IPO, while existing shareholders sold 19.2 million. The IPO terms were revised earlier in the week to offer 32 million shares at a price range of USD 27 to USD 28 per share, up from a previous plan of 24 million shares priced between USD 24 and USD 26.
