Circle (CRCL)The company behind USDC Stablecoin, Says Monday it filed an application to the Comptroller office money to produce a federal regulated National Trust Bank.
A federal confidence charter will bring a circle under the OCC direct care, which aligns with how traditional financial institutions control. If approved, the new creature, which will be called the first national digital currency bank, will be guarded by the preservation of USDC reserves and offers services consistent with institutions. If approved, the circle will participate in the ranks of federal chartered institutions such as Paxos and Anchorage, both of which have secured the bank’s trust status to offer crypto-related services nationwide.
Bank trust status will allow the circle to operate on state lines without obtaining separate licenses in each state – a drawback with complex expansion for many digital asset companies. It will also allow the Circle to offer regulated digital asset custody services to institutional customers.
Moving is signing Genius Actcreating new guardrails for stable dollars supported. The company said being a National Trust Bank would help meet the expected requirements under the bill, which passed the Senate earlier this month and is currently awaiting a vote in the House of Representative.
“By applying for a National Trust Charter, the Circle is taking active steps to further strengthen our USDC infrastructure,” Circle CEO Jeremy Allaire said in a statement. “We are aligned with the emerging US regulation for the release and operation of the dollar payment denomination that Stablecoins, which we think can enhance the reaching and stability of the US dollar, and support the development of important, market neutral infrastructure for the leading institutions of the world to develop.”
The circle went public last month and issued the second largest stablecoin in the world, USDC, and the leading Euro token Eurc.
The OCC, which oversees national banks and federal saving associations, should still review and approve the Circle application. The agency has provided similar charts to a number of crypto companies in recent years, which has signed a growing regulation of receiving digital asset companies that operate within the traditional banking framework.
Update (June 30, 2025, 20:50 UTC): Adds further information.
