The entity behind the second-largest stablecoin announced earlier today that it has secured the necessary license from the US Office of the Comptroller of the Currency (OCC) to launch First National Digital Currency Bank, N.A., which will operate as Circle National Trust.
This authorization represents one of the most significant milestones for the firm as it places its trust bank under direct federal oversight, said its execs.
Circle Wins OCC Approval
The national trust bank charter will allow the company to provide fiduciary cryptocurrency custody services for itself and its affiliates. This paves the way for future management of USDC reserves under OCC supervision and strengthens the infrastructure supporting the stablecoin by bringing key operations into the US federal banking framework.
Depending on demand, Circle added that it could eventually extend custody services to a limited number of institutional clients, including banks and regulated institutions.
“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. Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence,” commented Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle.
The company added that it continues to build on its long-standing regulatory strategy. It applied for this charter a year ago and received conditional approval later in 2025 before obtaining today’s final authorization.
Alongside Ripple, BitGo, Paxos, Others
As reported at the end of 2025, Circle was among the companies that received the initial conditional approval from the USOCC. Ripple was among the names that secured approval to establish Ripple National Trust Bank. This was a move widely viewed as another important step toward integrating blockchain infrastructure into the US financial system.
Some of the other cryptocurrency-focused companies mentioned at the time were BitGo, Digital Assets, and Paxos.
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