Circle receives OCC approval to establish a national trust bank

Circle Internet Group, Inc. (NYSE: CRCL) has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank that will operate under the name Circle National Trust.

Circle submitted its application to the OCC on June 30, 2025, and received conditional approval in December 2025. The final approval places Circle National Trust under direct federal oversight by the OCC, which serves as the primary regulator for national banks and national trust banks.

Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. According to the business plan approved by the OCC, the bank may eventually offer digital asset custody services to a limited number of institutional customers, focusing on banks and other financial institutions, such as regulated derivatives organizations.

The charter is also designed to enable future management of the USDC reserve, which would bring those operations under federal regulatory oversight. USDC is a stablecoin issued by regulated affiliates of Circle.

"OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle.

Circle also holds licenses in the UK, Singapore, and Bermuda, and in 2025 secured a license from Abu Dhabi Global Market's Financial Services Regulatory Authority.

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