Circle (CRCL) has received final approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a major regulatory milestone for the USDC issuer.
Circle gets OCC nod to set up national trust
As of Friday, the approval allows the company to launch First National Digital Currency Bank, N.A., which will operate as Circle National Trust Announcement. Trust Bank will initially provide federally regulated digital asset custody services for Circle and its affiliates, operating under direct OCC oversight.
“The OCC’s approval of the establishment of the Circle National Trust is a decisive step toward bringing blockchain technology and digital assets to the core of the U.S. financial system,” said Jeremy Allaire, Circle co-founder.
The Circle noted that the new entity will strengthen the infrastructure supporting USDC by increasing custody capabilities. The company also plans to expand custody services to institutional clients, including banks and other regulated financial institutions, over time.
“Federal oversight of our Trust Bank sets a new standard for transparency, governance, and scale for Circle K infrastructure and opens a new phase of adoption where leading financial institutions can build on public blockchains with clarity and confidence,” Allaire said.
Circle said the National Trust Bank could eventually manage the reserves backing USDC under federal oversight, a move that could further strengthen the transparency and regulatory oversight of the stablecoin.
This approval follows Circle’s initial application in June 2025 and conditional approval given by the OCC in December 2025. It also builds on the company’s existing regulatory licenses in multiple jurisdictions, including compliance with the European Union’s Markets in Crypto-Assets (MICA) framework and licenses in the UK, Singapore, Bermuda and Abu Dhabi.
OCC approval signals broader crypto banking shift
The OCC had previously approved national trust bank charters for several other crypto-focused firms. In late 2025, the regulator granted conditional approval to several applicants, including Ripple National Trust Bank.
It also approved charter conversions for Paxos Trust Company, BitGo Bank & Trust, and Fidelity Digital Assets, with additional conditional approvals subsequently issued to entities affiliated with Crypto.com and Bridge.
The growing number of National Trust Bank approvals reflects a broader effort to bring digital asset custody and stablecoin activities under federal banking supervision, providing crypto firms a clearer regulatory path while expanding access to regulated financial infrastructure.
Circle shares rose more than 10% after the announcement, but fell to 4.2% at the time of writing.
