Circle receives final OCC approval to launch Circle National Trust, establishing federally regulated custody infrastructure for institutional USDC clients.
DeFi & Yields ·
Circle has received final approval from the Office of the Comptroller of the Currency to establish Circle National Trust, a federally regulated custody platform designed to serve institutional clients holding USDC. The approval grants Circle a national trust bank charter, enabling the firm to act as a fiduciary and custody provider on a nationwide basis without requiring a full commercial bank charter.
The OCC, an independent bureau within the U.S. Treasury Department, grants federal trust charters that allow firms to hold assets and conduct trust activities under continuous federal examination and capital requirements. For cryptocurrency and digital asset companies, such a charter represents a significant credibility signal to institutional counterparties—hedge funds, investment advisers, and broker-dealers often restrict custody relationships to custodians with recognized federal regulatory oversight. Circle joins a growing cohort of crypto firms holding OCC trust charters, a development that accelerated in recent years as institutional demand for compliant infrastructure grew.
The charter does not confer deposit-taking authority, which would require a separate full commercial bank charter and FDIC membership. Details regarding the scope of USDC custody services Circle will offer through the trust, implementation timelines, or capital requirements remain to be disclosed.