Circle Seeks National Trust Bank Charter for USDC
Circle Internet Group, the creator of USDC, has applied for a national trust bank charter. The U.S. Office of the Comptroller of the Currency will review the application. If approved, Circle will launch First National Digital currency Bank, N.A.
This new entity will manage USDC reserves and provide digital asset custody. It will operate under federal oversight,similar to Anchorage Digital. The move was announced on June 30. The bank won’t accept deposits or issue loans. Instead, it will hold crypto and tokenized assets for clients. this aligns with Circle’s goal to integrate stablecoins into the U.S. financial system.
circle aims to offer secure, regulated services. The bank will not function like a conventional bank. It will focus on digital assets. The charter will let Circle manage USDC reserves and custody services. This step supports Circle’s vision for stablecoins in the U.S. financial system.
Circle’s move comes as lawmakers push the GENIUS Act. This act requires stablecoin issuers to have full backing and monthly reserve reports. The GENIUS Act passed the Senate and awaits House approval. President Trump is expected to sign it.
Currently, USDC reserves are held by BNY Mellon and BlackRock.
With the trust charter, Circle can expand beyond stablecoins. It plans to support tokenized stocks and bonds. This move follows Circle’s history of regulatory milestones. it was the first to get the NYDFS BitLicense in 2015 and EU’s Markets in Crypto-Assets Regulation in 2024. It also received preliminary approval for Abu Dhabi’s financial free zone.
