Circle's Shares Soar 14% on National Trust Bank Approval

Circle's shares rose by up to 14% in early trading on Friday after the company announced that it had received final approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The new entity, First National Digital Currency Bank, will operate under the name Circle National Trust and offer fiduciary digital asset custody services for Circle and its affiliates.

The charter also allows Circle to eventually manage the reserves backing its USDC stablecoin directly, rather than relying on third-party banks and custodians. USDC has more than $73 billion in circulation.

Circle first applied for the charter on June 30, 2025, and received conditional approval in December 2025, alongside similar approvals granted to Ripple, Paxos, BitGo, and Fidelity Digital Assets. The OCC's decision has drawn pushback from banking industry groups and lawmakers, including Senator Elizabeth Warren, who have argued that the charters were improperly granted and raised concerns about financial stability.

Circle CEO Jeremy Allaire said the approval marks a significant step in bringing blockchain technology into the core of the US financial system.