Circle has secured final approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank, becoming one of a select group of crypto-native firms to receive such federal oversight. The entity behind the second-largest stablecoin will launch First National Digital Currency Bank, N.A., operating as Circle National Trust. This charter grants direct federal supervision, allowing the firm to provide fiduciary cryptocurrency custody services and potentially manage USDC reserves under OCC authority.
Circle received final approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The entity behind the second-largest stablecoin will launch First National Digital Currency Bank, N.A., operating as Circle National Trust.
This authorization represents one of the most significant milestones for the firm, placing its trust bank under direct federal oversight. The national trust bank charter allows Circle to provide fiduciary cryptocurrency custody services for itself and its affiliates.
The move paves the way for future management of USDC reserves under OCC supervision. It strengthens the infrastructure supporting the stablecoin by bringing key operations into the US federal banking framework.
Depending on demand, Circle noted it could eventually extend custody services to a limited number of institutional clients. This includes banks and other 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,” stated Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure.”
The company stated it continues to build on its long-standing regulatory strategy after applying for this charter a year ago. It received conditional approval later in 2025 before obtaining today’s final authorization.
Circle joins Ripple, BitGo, Digital Assets, and Paxos among cryptocurrency-focused companies that secured OCC approval. The approvals are widely viewed as steps toward integrating blockchain infrastructure into the US financial system.
