Circle (CRCL)The company behind USDC StableCein said on Monday that it has filed an application to the Comptroller of the Currency Office to form a federally regulated National Trust Bank.
A federal confidence charter would bring Circle under direct OCC supervision and adapt it to how traditional financial institutions are regulated. If it is approved, the new device that would be called First National Digital Currency Bank, NA would supervise custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of federally chartered institutions such as Paxos and Anchorage, both previously secured trust bank status to offer crypto-related services nationwide.
The Trust Bank status would allow Circle to operate across state lines without getting separate licenses in each state – an obstacle that has complicated the extension of many digital asset companies. It would also allow Circle to offer regulated custody of digital asset to institutional customers.
The relocation signalizes a strategic effort from Circle to solidify its legislative status as US legislation as Genius Act, which would create new protection frames for dollar -supported stablecoins. The company said that becoming a national trust bank would help it meet expected claims under the bill that passed through the Senate earlier this month and is now waiting for a vote in the Representant House.
“By applying for a National Trust Charter, Circle Proactive steps to further strengthen our USDC infrastructure,” Circle CEO Jeremy Allaire said in a statement. “We will adapt to the new US regulation of the issuance and operation of the dollar-denomined payment stablecoins, which we believe can improve the range and resilience of the US dollar and support the development of crucial, market-neutral infrastructure for the world’s leading institutions to build on.”
Circle went public last month and issues the world’s second largest stableecoin, USDC and the leading Euro-Pegged Token EURC.
OCC, which oversees national banks and federal savings associations, must still review and approve Circle’s application. The agency has assigned similar charts to a handful of cryptop companies in recent years and signaling of growing regulatory acceptance of digital asset companies operating within the traditional banking framework.
Update (June 30, 2025, 20:50 UTC): Adds additional information.
