Circle Receives U.S. National Trust Bank Approval, Expanding Institutional Custody Services

Circle, the USDC issuer, has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, reported by cryptocurrency-focused media CoinDesk. The approval enables Circle to create 'Circle National Trust,' allowing it to operate under federally regulated trust institutions and expand its digital asset custody infrastructure. Initially, services will target Circle and its affiliates, with plans to expand to digital asset custody services for banks and other institutional clients. Additionally, Circle can now manage USDC reserves. The approval is viewed as part of Circle's strategy to strengthen regulatory foundations across global financial markets. Circle obtained a BitLicense from the New York State Department of Financial Services (NYDFS) in 2015 and became the first global stablecoin issuer to comply with the EU's MiCA regulation in 2024. CEO Jeremy Aler called the approval 'an important milestone in integrating blockchain technology and digital assets into the core of the U.S. financial system.' Meanwhile, Circle's stock price rose approximately 16% in pre-market trading following the announcement.