Circle Gains Approval to Launch a National Trust Bank

Circle Secures Federal Banking Charter for Digital Assets

@Circle has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The entity, formally known as First National Digital Currency Bank, N.A., will operate under the name Circle National Trust.

The OCC approval represents a significant U.S. regulatory milestone, placing Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.News of the approval sent Circle's shares surging 10% in premarket trading.

Circle submitted its application to the OCC on June 30, 2025, and received a conditional approval in December 2025. Today's final approval completes that process and brings the $USDC ecosystem under a formal federal banking framework.

What the Charter Means for USDC and Institutions

As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards, bringing USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.

Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. Depending on demand, it may eventually offer digital asset custody services to a limited number of institutional customers, focusing on banks and other financial institutions such as regulated derivatives organizations.

The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.

Circle CEO Jeremy Allaire said the approval marks "a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system."

As regulatory hurdles have eased, digital asset firms have expanded into traditional finance, pursuing banking licenses, custody businesses, and payment services over the past year.Anchorage Digital was previously the only other crypto firm to receive OCC approval for a national trust bank.

Sources:Circle Official Press Release: Circle Receives Final OCC Approval to Establish National Trust BankReuters via Yahoo Finance: Circle wins final regulatory approval to establish US trust bankBanking Dive: OCC green-lights Circle, Ripple, Paxos for national trust bank charters