Circle secures U.S. trust bank approval in crypto expansion
COINDESK ·
Circle’s bank, which will operate as Circle National Trust, will provide fiduciary digital asset custody services for Circle and its affiliates when it opens, according to its statement. Under its approved business plan, the bank could later offer custody services to a limited number of institutional customers, including banks and other regulated financial institutions. The charter also allows Circle to pursue future plans to manage reserves backing its USDC stablecoin under OCC supervision, though the company said reserve management remains a future capability. Circle applied for the charter in June 2025 and received conditional approval six months later. The OCC's final approval places the trust bank under direct federal oversight. Circle’s USDC is the second-largest U.S. dollar-pegged stablecoin with about $73.2 billion in circulation . Tether’s USDT is the largest with $184.1 billion .
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