Circle, the issuer of the USDC stablecoin, has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States to oversee its stablecoin reserve.
Strengthening Its Stablecoin Oversight
Announced yesterday (Monday), the stablecoin issuer’s First National Digital Currency Bank would operate as a federally regulated trust institution if its application is approved. It would oversee the management of the USDC Reserve on behalf of Circle’s US issuer.
Furthermore, the approval would also strengthen the infrastructure that supports the issuance and circulation of the USD-pegged stablecoin.
“Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,” said Circle Co-Founder, Chairman and CEO Jeremy Allaire.
“By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure.”
After the application, the OCC accepts comments for 30 days and usually decides on the outcome—approval or rejection—within 120 days of receiving the final application.
Coinbase makes more money on USDC than Circle does pic.twitter.com/bBgj7Xh7lN
— Tom Dunleavy (@dunleavy89) June 24, 2025
Is Circle Setting a Benchmark for Stablecoin Issuers?
Circle’s push to become an OCC-regulated company came after it concluded a bumper initial public offering (IPO) in the US last month. After increasing its IPO size, the company sought a valuation of $7.2 billion in the public listing, but its shares rallied strongly on the public exchange and it now has a market capitalisation of more than $40.3 billion.
The USDC issuer additionally stated that regulation under the banking charter would help the company meet requirements under the proposed GENIUS Act legislation. The US Senate has already passed the bill, which is designed to regulate stablecoins in the country, and it now awaits a vote in the House of Representatives, where further changes may be suggested before any decision is made.
However, Circle is not the only crypto firm to apply for a national banking charter in the United States. According to a post on X by Eleanor Terrett, several crypto firms, including the crypto unit of Fidelity, have applied for the same licence.
+ @circle pic.twitter.com/n9XtFeSidb
— Eleanor Terrett (@EleanorTerrett) June 30, 2025
The first licence granted to a crypto firm by the OCC was issued to Anchorage Trust Company in January 2021, which then became Anchorage Digital Bank.
This article was written by Arnab Shome at www.financemagnates.com.
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