Circle Receives Final OCC Approval to Establish National Trust Bank | LeapRate
Circle Internet Group, Inc. (NYSE: CRCL) has secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a regulatory milestone for the company. The newly chartered entity, First National Digital Currency Bank, N.A., will operate under the name Circle National Trust.
The approval places Circle National Trust under direct federal oversight, strengthening the infrastructure behind USDC, described as the world’s largest regulated stablecoin, through federally regulated custody. Reserve management is planned as a future capability.
Upon opening, Circle National Trust will provide fiduciary digital asset custody services for Circle and its affiliates. Depending on demand, the bank may eventually extend custody services to a limited number of institutional customers, particularly banks and regulated derivatives organizations.
Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said the approval represents a defining step in bringing blockchain technology into the core of the U.S. financial system. He added that federal oversight sets a new standard for transparency and governance, enabling financial institutions to build on public blockchains with greater confidence.
Circle submitted its application to the OCC on June 30, 2025, and received conditional approval in December 2025. The move builds on Circle’s broader regulatory track record, which includes being the first company to receive a BitLicense from New York regulators in 2015, compliance with the EU’s MiCA framework in 2024, and licenses across the UK, Singapore, Bermuda, and Abu Dhabi.
