Approval would help Circle strengthen USDC infrastructure, meet requirements under proposed GENIUS Act and offer custody services to institutional customers
Circle Internet Group, Inc. (NYSE:CRCL), a global financial technology company and stablecoin market leader, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A.
If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle's U.S. issuer. An approval would also further strengthen the infrastructure that supports the issuance and circulation of USDC – the world's largest regulated payment stablecoin – and would offer digital asset custody services to institutional customers.
A federally regulated trust charter would also help Circle meet expected requirements under the proposed GENIUS Act legislation, which would represent a meaningful step forward in integrating digital assets into the broader U.S. financial system.
"Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible," said Circle Co-Founder, Chairman and CEO Jeremy Allaire. "By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on."
Circle's OCC application builds on the company's global track record of being first to seek key licenses and authorizations in multiple jurisdictions. In 2015, the company secured the very first NYDFS BitLicense and remains committed to working with NYDFS, the leading digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Most recently, in April of 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider.
About Circle Internet Group, Inc.
Circle (NYSE:CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. Visit circle.com for more information.
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