Circle Secures National Trust Charter to Capture Digital Asset Custody Market

Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.

Circle is taking a significant step toward becoming a federally regulated institution. The USDC issuer has won approval from the Office of the Comptroller of the Currency (OCC) to establish its own chartered bank, giving it the ability to custody its own reserves while stopping short of allowing it to accept deposits or issue loans. […] The post Circle Secures Bank Charter, Lays Groundwork f

The company’s CEO, Jeremy Allaire, said the development “marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.”