Circle Files Application for National Trust Bank Charter with OCC
Circle (CRCL) has applied for a national trust charter with the Office of the Comptroller of the Currency (OCC). This move aims to establish First National Digital Currency Bank, N.A., which would be regulated like traditional banks.
- The trust bank would manage USDC reserves and offer services to institutions.
- Approval would enable operations across state lines without separate licenses.
- Circle aims to align with upcoming regulations like the GENIUS Act for dollar-backed stablecoins.
- Circle’s CEO stated this step strengthens USDC infrastructure and supports regulatory compliance.
The OCC will review Circle's application. Similar charters have been granted to other crypto firms, reflecting increased regulatory acceptance.