Circle (CRCL) has received a trust charter from the New York Department of Financial Services (NYDFS), marking a significant regulatory milestone for the USDC stablecoin issuer. The charter adds a layer of credibility and positions USDC within a respected framework as digital dollars become more central to the global financial system. Despite this positive regulatory development, Circle’s stock fell over 4% on Friday amid bearish sentiment from Wall Street. This comes after research firm Bernstein cut its price target on Circle stock by 25%, lowering it from $190 to $140. Circle is scheduled to report its second-quarter 2026 financial results on August 5.
Circle (CRCL) has been granted a trust charter by the New York Department of Financial Services, the USDC stablecoin issuer announced on Friday. This follows earlier authorization from the US Office of the Comptroller of the Currency (OCC), which allowed Circle to directly manage its reserve assets and provide digital asset custody services for institutional clients.
“Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “NYDFS is an international standard setter for digital asset regulation, and New York is Circle’s global headquarters.”
“This charter reflects over a decade of regulatory commitment and positions USDC within a strong, respected framework as digital dollars become central to the global financial system,” Allaire added. Despite the update, shares in Circle (CRCL) stock fell over 4% on Friday, as Wall Street remains bearish.
The cryptocurrency firm is scheduled to report its second-quarter 2026 financial results on August 5. Before the earnings release, research and brokerage firm Bernstein cut its price target on Circle stock by 25%, as stated. Bernstein lowered the target from $190 to $140.
