Circle wins final OCC approval for U.S. national trust bank

Circle Internet Group has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank called Circle National Trust. This bank will initially provide digital asset custody services to Circle and its affiliated companies, with future plans to expand to institutional clients and manage reserves backing the USDC stablecoin. The approval strengthens the infrastructure for USDC through federally regulated custody. The bank will operate under federal supervision and align with traditional trust banks’ fiduciary standards. The approval follows the introduction of a federal framework for payment stablecoins, with USDC gaining adoption among regulated financial firms and payment companies. Critics from the banking industry have raised concerns about the OCC granting national charters to crypto companies, but Circle maintains that federal supervision will enhance governance and compliance standards.