Circle receives OCC approval to open a national trust bank
DeFi & Yields ·
The stablecoin issuer has secured final federal approval to establish a national trust bank, positioning USDC reserve management under direct banking oversight.
The Office of the Comptroller of the Currency has granted Circle final approval to establish a national trust bank, according to a company announcement. The charter, referred to internally as Circle National Trust, allows the firm to operate a federally regulated entity focused on digital asset custody. Some reporting on the approval has also referenced the entity as First National Digital Currency Bank, though the core outcome described across accounts is the same: Circle now holds a national trust charter from the OCC.
The approval is significant because it enables Circle to bring management of USDC reserves under a nationally chartered, federally supervised structure rather than relying solely on third-party custodians or state-level arrangements. A national trust charter permits fiduciary activities, including custody services for digital assets, placing that function within the same regulatory perimeter that governs traditional national banks. The Block reported the milestone as the final step in a process that had been pending regulatory sign-off.
Coverage of the decision has been consistent across multiple outlets, with CryptoPotato also confirming the final green light from the OCC. Descriptions of the charter's scope vary slightly in phrasing — some framing it as a banking license, others as a trust bank for cryptocurrency custody — but all point to the same underlying regulatory action: Circle now operates under a national trust structure overseen by the OCC.
What remains unclear from the available material is the specific timeline for when USDC reserve management will formally transition to the new trust bank, and what operational changes, if any, customers or partners should expect in the near term. It is also not yet specified whether the charter carries additional conditions or reporting requirements beyond the general fiduciary and custody powers associated with a national trust bank. Further detail on implementation, along with any additional regulatory commentary from the OCC itself, is likely to clarify how the charter will function in practice.