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Circle Wins U.S. Trust Bank Charter From OCC

With Circle National Trust, Circle is moving closer to tighter federal oversight, and the OCC charter will initially focus on custody and fiduciary services tied to USDC.

By Mike Hesp
• 2 min read
Circle Wins U.S. Trust Bank Charter From OCC

Key Takeaways

  • Circle has received OCC approval to launch a national trust bank called Circle National Trust.
  • At launch, the bank can custody digital assets for Circle and affiliated parties, but it cannot take consumer deposits or issue loans.
  • The move reflects a broader push by crypto firms to secure federal approvals, while stablecoin issuers move closer to traditional banking.

Circle has secured U.S. regulator OCC approval to establish a national trust bank. The decision gives the USDC issuer another step toward tighter federal oversight, with the new bank initially focused on custody and fiduciary services inside the company group.

A New Step for USDC

The new entity will operate as Circle National Trust and can begin by holding digital assets in custody for Circle and affiliated parties. As a national trust bank, it will not be allowed to accept consumer deposits or make loans, unlike a traditional commercial bank.

Circle said the plan could later be broadened to include custody services for a small group of institutional clients, such as banks and other regulated financial firms. The approval comes after an application filed in June 2025 and an earlier conditional approval granted six months ago.

More Oversight for Crypto Companies

The move fits into a wider trend of crypto companies pursuing federal charters, licenses, and bank approvals. Ripple, BitGo, Fidelity Digital Assets, and Paxos have also received similar conditional approvals, while Crypto.com secured an OCC license in February to operate as a federally regulated crypto custodian bank.

The GENIUS Act, a U.S. law passed in July 2025, also points in the same direction. The law is designed to bring digital assets more fully into the broader financial system, and Circle's application clearly aligns with that push.

Why This Matters

For European crypto readers, the main point is that stablecoin issuers are moving closer to the traditional banking system. Circle says the trust bank could eventually bring USDC reserve management under OCC oversight as well, although it still describes that as a future possibility. With about $73.2 billion (€64 billion) in circulation, USDC is the second-largest dollar-pegged stablecoin, behind Tether's USDT at $184.1 billion (€161 billion).

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