Circle Receives Final OCC Approval to Establish National Trust Bank, Bringing USDC Infrastructure Under Federal Oversight
The new entity, First National Digital Currency Bank, N.A., operating as Circle National Trust, will provide digital asset trust and custody services for Circle and its affiliates, with plans to manage USDC reserves.
Circle has received final approval from the Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., which will operate under the name Circle National Trust. The institution will function as a national trust bank directly regulated by the OCC, offering digital asset trust and custody services for Circle and its related parties.
Looking ahead, Circle National Trust also plans to assume certain USDC reserve management functions, further integrating USDC’s custody and reserve infrastructure into the U.S. federal regulatory framework. This move is expected to enhance transparency, security, and institutional trust in the stablecoin.
It is important to note that this entity is a limited-purpose national trust bank, not a traditional commercial bank. It will not engage in activities such as accepting public deposits or issuing loans. USDC continues to be issued by Circle’s regulated affiliate entities. The core significance of this approval lies in strengthening the custody and reserve management infrastructure behind USDC, rather than making USDC itself a “bank-issued stablecoin.”
