Circle Secures OCC Charter for National Trust Bank, Bolstering USDC's U.S. Regulatory Backbone

Circle has won approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a federally regulated national trust bank, a major U.S. regulatory milestone that the company says will reinforce the infrastructure supporting USDC. The new institution will operate as Circle National Trust under the legal name First National Digital Currency Bank. It will be supervised directly by the OCC, the federal regulator for national banks and national trust banks. Circle said the trust bank will initially provide fiduciary digital-asset custody services for Circle and its affiliates, bringing a key piece of its digital-asset plumbing more squarely into the U.S. banking system. Over time, the bank is expected to support federally regulated custody for digital assets, with reserve management listed as a future capability. If implemented, that step could move elements of USDC reserve management under direct OCC oversight. The approved business plan also contemplates limited institutional custody services. Subject to demand, Circle National Trust may eventually offer digital-asset custody to select institutional clients, with an emphasis on banks and other financial institutions, including regulated derivatives organizations. Circle cofounder, chairman and CEO Jeremy Allaire said the charter represents a defining step toward integrating blockchain technology and digital assets into the core of the U.S. financial system. He said federal supervision of the trust bank sets a new standard for transparency, governance and scale for Circle's infrastructure, and could accelerate adoption by giving financial institutions clearer footing to build on public blockchains. The approval follows a lengthy review. Circle filed its application on June 30, 2025, and received conditional approval in December 2025. The OCC charter adds to Circle's broader licensing track record. The company was the first to receive a BitLicense from the New York Department of Financial Services in 2015. In 2024, it became the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) framework. Circle also holds licenses in the UK, Singapore and Bermuda, has met Canada's Value-Referenced Crypto Asset requirements, and secured a license from Abu Dhabi Global Market's Financial Services Regulatory Authority in 2025. Circle's move comes as stablecoin issuers compete to demonstrate that digital dollars can function within established regulatory frameworks. For Circle, a national trust bank is positioned to give USDC a firmer federal foundation for payments, settlement and capital-markets use.