Circle, the company behind the USDC stablecoin, has secured final approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This move will enable Circle to create Circle National Trust and place it under direct federal oversight by the OCC.
The structure is designed to allow Circle to custody its own USDC reserves and safeguard crypto assets for institutional clients, bringing more familiar finance-style services to its dollar-pegged token. Stablecoins like USDC are built to maintain a steady value by being backed one-for-one with dollars.