Circle Internet Group, Inc. formally submitted an application to the Office of the Comptroller of the Currency (OCC) on June 30, 2025, to establish a national trust bank. The proposed entity, named First National Digital Currency Bank, N.A., aims to operate as a federally regulated trust institution, subject to OCC oversight. This proactive step aligns with Circle's 'regulation-first' philosophy.
If approved, the national trust bank would oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer and offer digital asset custody services to institutional customers. This move is expected to further strengthen the infrastructure supporting USDC, the world’s largest regulated payment stablecoin. It also positions Circle to meet anticipated requirements under the proposed GENIUS Act legislation.
CEO Jeremy Allaire stated that establishing such a bank marks a significant milestone in building a transparent, efficient, and accessible internet financial system. This application builds on Circle's history of seeking key licenses, including the first NYDFS BitLicense in 2015 and compliance with the EU's MiCA framework in 2024, reinforcing its leadership in regulated digital assets.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.