Circle Secures Final OCC Approval for National Trust Bank

Circle, a leading stablecoin issuer, has secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This milestone marks a significant step in strengthening USDC's infrastructure under direct federal oversight.

The new institution, First National Digital Currency Bank, N.A., will operate as Circle National Trust under OCC supervision. It will provide federally regulated custody services for the company and its affiliates, with plans to offer custody services directly to institutional clients, including banks and regulated financial institutions.

Circle CEO Jeremy Allaire described the approval as a 'defining step' in bringing blockchain infrastructure into the U.S. financial system, citing federal oversight's ability to provide greater transparency, governance, and confidence for institutions building on public blockchains.