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Circle’s move to create a federally regulated digital currency bank signals a massive leap toward integrating crypto infrastructure directly into the core of U.S. financial regulation.
Circle Seeks OCC Approval to Establish Federally Regulated USDC Trust Bank
A national charter pursuit from a leading stablecoin firm signals accelerating institutional integration of digital dollars into the regulated U.S. financial ecosystem. Circle Internet Group Inc. (NYSE: CRCL) announced on June 30 that it has applied to the Office of the Comptroller of the Currency (OCC) to form a federally regulated trust bank named First National Digital Currency Bank, N.A. If approved, the institution would operate under federal oversight and manage the USDC Reserve, while offering digital asset custody services to institutional clients.
The charter would support Circle’s compliance with the proposed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill introduced to regulate payment stablecoins through federal licensing, reserve mandates, and compliance requirements. Circle CEO Jeremy Allaire emphasized the significance of the move:
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.
He added: “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.”
Over the past decade, Circle has maintained a proactive regulatory approach. It was the first recipient of New York’s Bitlicense in 2015, the initial global issuer to meet the European Union’s MiCA rules in 2024, and received in-principle approval in April 2025 to operate in Abu Dhabi. The crypto firm officially went public on the New York Stock Exchange on June 5, 2025, under the ticker “CRCL.” Its IPO was priced at $31 per share. Since then, shares have surged to over $180, reflecting strong investor confidence in the firm’s role as a stablecoin market leader.