Circle (CRCL), the company behind the USDC stablecoin, has secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate a national trust bank. The new entity, Circle National Trust, will focus on custody and fiduciary services for digital assets. This approval marks a significant shift, as national trust banks do not accept consumer deposits or make loans like traditional commercial banks.
Shares of Circle jumped 14% in pre-market trading following the announcement. CEO Jeremy Allaire described the move as “a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.” He added that federal oversight would set a new standard for transparency and governance.
Growing Trend Among Crypto Firms
Circle is not alone in seeking federal charters. Kraken, Crypto.com, BitGo, Ripple, Paxos, and Fidelity Digital Assets have all pursued similar approvals recently. Crypto.com, for instance, received its own OCC license in February to operate as a federally regulated crypto custodian bank. The trend suggests that major industry players are looking for legitimacy and regulatory clarity.
For Circle, the charter allows it to offer fiduciary custody services initially to Circle and its affiliates. Later, the bank could extend these services to a limited number of institutional customers, including banks and other regulated financial firms. The OCC charter also opens the door for Circle to manage the reserves backing its USDC stablecoin, though that remains a future capability for now.
USDC’s Market Position
USDC is the second-largest dollar-pegged stablecoin, with about $73.2 billion in circulation. Tether’s USDT leads the market with $184.1 billion. The approval gives Circle a stronger regulatory footing, which could help it compete more aggressively.
Circle applied for the charter in June 2025 and received conditional approval six months later. The final approval places the trust bank directly under federal oversight, which might reassure users and regulators alike about the stability of the stablecoin.
