Circle applies for U.S. trust bank charter to bolster USDC infrastructure
Circle expands banking ambitions
Circle Internet Group, Inc., a leading global fintech company and issuer of the USDC stablecoin, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally regulated trust bank named First National Digital Currency Bank, N.A.
If approved, the new institution would operate as a national trust entity under OCC supervision. It would be responsible for managing USDC reserves in the U.S. and offering institutional-grade digital asset custody services, according to a statement from Circle. This step marks a major milestone in Circle’s efforts to integrate stablecoin infrastructure into the regulated U.S. financial system.
Strategic objectives and regulatory experience
According to Circle CEO Jeremy Allaire, obtaining a national bank charter aligns with the company’s long-term strategy to create a transparent, efficient, and accessible financial system powered by internet-native currencies.
“By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,” Allaire stated.
He added that Circle’s broader mission is to expand the global reach of the U.S. dollar and to establish a robust, neutral infrastructure for digital finance.
This initiative will also help Circle comply with anticipated regulatory requirements, including those proposed under the GENIUS Act, which aims to formalize the role of stablecoins within the U.S. banking and payments framework.
Circle’s application reflects its leadership in regulatory compliance. In 2015, the company received the first-ever BitLicense from the NYDFS, and in 2024, it became the first global stablecoin issuer to meet the EU’s MiCA framework. In April 2025, Circle also secured preliminary approval from Abu Dhabi’s ADGM to operate as a money services provider.
New opportunities and impact on USDC infrastructure
Currently, Circle holds its reserves with major partners like BNY Mellon and manages assets via BlackRock. If granted trust bank status, Circle would internalize part of its custodial operations while maintaining partnerships with external asset managers.
Crypto analysts, including Wu Blockchain, have noted that a trust charter would allow Circle to directly offer digital asset custody services to institutional clients, without engaging in deposit-taking or lending.
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The launch of First National Digital Currency Bank would significantly strengthen Circle’s control over the stability and scalability of its stablecoin infrastructure.
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