Circle Receives Conditional Approval from OCC for National Trust Charter

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Key Terms

office of the comptroller of the currency regulatory

A U.S. federal regulator that oversees and enforces rules for nationally chartered banks and federal savings associations, acting like a referee to make sure those institutions operate safely and follow banking laws. Investors care because the agency’s supervision, rule changes, or enforcement actions can affect a bank’s safety, profitability, lending ability and legal risks — all of which influence the value and stability of bank stocks and related financial assets.

national trust bank regulatory

A national trust bank is a financial institution chartered to hold, manage and safeguard assets on behalf of individuals, companies or estates, often under a national-level license and oversight. Think of it as a professional custodian or legal guardian for money and securities; for investors it matters because these banks earn steady fee income from managing assets, offer perceived regulatory stability, and can affect credit risk and liquidity for parties that rely on their custody and trust services.

stablecoin financial

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

bitlicense regulatory

A BitLicense is a government-issued permission for businesses that deal in digital currencies to operate legally under financial rules, similar to how a driver's license allows someone to drive if they follow traffic laws. It matters to investors because holding or needing a BitLicense affects a company's ability to offer crypto services, adds compliance costs and oversight, and can influence growth prospects and regulatory risk—factors that can change a company’s value and investor confidence.

markets in crypto-assets (mica) regulatory

A set of rules that creates a single, enforceable rulebook for how crypto-assets and the firms that trade, custody or issue them must operate across a jurisdiction. Think of it as a rulebook for a new marketplace that requires sellers to disclose honest information, platforms to follow safety procedures, and certain tokens to meet standards; that matters to investors because it lowers the chance of fraud, raises transparency, and can change how easy or costly it is to buy, hold or sell crypto-assets.

e-money financial

Electronic money (e-money) is a digital representation of fiat currency stored electronically on a device or in an online account that can be used to make payments and transfers instead of cash. Investors care because e-money platforms act like digital wallets or prepaid cards that hold customer funds — their safety, regulatory rules, and how easily those funds can be converted back to cash affect a company’s trustworthiness, cash flows, and legal obligations, which in turn influence valuation and risk.

value-referenced crypto asset regulatory

A value-referenced crypto asset is a digital token whose price is linked to an external benchmark—such as a government currency, a commodity, or a price index—so its value moves in step with that reference. For investors, these assets aim to provide more predictable purchasing power and lower volatility than typical cryptocurrencies, much like a digital price tag tied to dollars or gold; they still carry risks tied to the backing, collateral quality, or rules that govern them.

12/12/2025 - 11:23 AM

Conditional approval marks key milestone toward GENIUS Act compliance and strengthens USDC infrastructure

NEW YORK--(BUSINESS WIRE)-- Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A.

Once fully approved, First National Digital Currency Bank would operate as a federally regulated trust bank, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer. The conditional approval represents an important milestone in Circle’s efforts to further strengthen the infrastructure supporting USDC¹ – the world’s largest regulated stablecoin – and meet requirements under the GENIUS Act, which became U.S. law in July 2025.

“Establishing a national digital currency trust bank of this kind deepens Circle’s longstanding commitment to the highest standards of trust and compliance,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “As a public company, we’re focused on operating under rigorous regulatory oversight and building the infrastructure that allows digital dollars like USDC to become a core part of global finance. This important milestone will give the world’s leading institutions greater clarity and confidence to build on Circle’s platform as stablecoins and blockchain technology move rapidly into the mainstream.”

As a national trust bank, Circle’s First National Digital Currency Bank would enhance the safety and regulatory oversight of the USDC Reserve, while enabling Circle to offer fiduciary digital asset custody and related services to institutional customers. The charter would also help Circle further align its U.S. operations with global regulatory standards for stablecoins and digital financial infrastructure.

Circle submitted its application to the OCC on June 30, 2025. The OCC’s conditional approval builds on Circle’s long history of pursuing clear and rigorous regulatory pathways across jurisdictions around the world. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services (NYDFS) and remains engaged with NYDFS, the leading state digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. Circle has a variety of e-money and payments licenses in the UK, Singapore, and Bermuda; was the first global stablecoin to enter an undertaking with the Canadian Securities Administrators to satisfy the country’s Value-Referenced Crypto Asset requirements; and in 2025 received a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate as a money services provider.

ABOUT CIRCLE

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.

¹ USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here.