Circle Secures Final OCC Approval to Open a National Trust Bank

Circle, the company behind the second-largest stablecoin, said it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to launch First National Digital Currency Bank, N.A., operating as Circle National Trust. Executives called the authorization a major milestone, placing the firm's trust bank under direct federal oversight. The national trust bank charter enables Circle to provide fiduciary cryptocurrency custody services for itself and its affiliates. Circle said the move also sets the stage for potential future management of USDC reserves under OCC supervision and brings key stablecoin-related operations within the U.S. federal banking framework. Subject to demand, the company said it may eventually offer custody services to a limited number of institutional clients, including banks and other regulated institutions. "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," said Jeremy Allaire, Circle's co-founder, chairman, and CEO. He added that federal oversight establishes a new benchmark for transparency, governance, and scale and supports broader adoption by allowing major financial institutions to build on public blockchains "with clarity and confidence." Circle said it is continuing its long-running regulatory strategy. The company applied for the charter a year ago, received conditional approval later in 2025, and obtained final authorization today. Circle was among the firms that received conditional approval from the OCC at the end of 2025. Other names reported at the time included Ripple, which secured approval to establish Ripple National Trust Bank, as well as BitGo, Digital Assets, and Paxos.