Circle Wins OCC Approval for National Trust Bank to Strengthen USDC Infrastructure

Circle has received approval from the OCC to establish Circle National Trust, a federally regulated national trust bank. The charter strengthens the infrastructure behind USDC and could eventually bring management of the stablecoin’s reserve under direct federal oversight.

Key Takeaways

• Circle won OCC approval for a national trust bank to strengthen USDC infrastructure.
• Circle National Trust could bring USDC reserve management under federal OCC oversight.
• Circle plans to expand custody services, reinforcing USDC’s role in regulated finance.

Jeremy Allaire Hails OCC Charter as Circle Expands USDC

Circle Internet Group has received approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, marking one of the company’s most important regulatory milestones in the United States.

The new entity, First National Digital Currency Bank, will operate as Circle National Trust. It will be supervised directly by the OCC, the federal regulator responsible for national banks and national trust banks.

For Circle, the approval brings a key part of its digital asset infrastructure into the U.S. banking system. The company said the trust bank will initially provide fiduciary digital asset custody services for Circle and its affiliates.

USDC Infrastructure Moves Under Federal Oversight

Circle said the charter strengthens the foundation of USDC, which it describes as the world’s largest regulated stablecoin. The bank is expected to support federally regulated custody for digital assets, with reserve management planned as a future capability.

That future step could place parts of the USDC reserve under direct OCC oversight, adding another layer of federal supervision to the stablecoin’s operating model.

Circle National Trust’s approved business plan also leaves room for limited institutional custody services. Depending on demand, the bank may later offer digital asset custody directly to select institutional customers, with a focus on banks and other financial institutions, including regulated derivatives organizations.

Jeremy Allaire, Circle’s co-founder, chairman and CEO, said the approval marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system. He commented:

“Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”

Circle Expands Global Regulatory Footprint

The OCC approval follows a long regulatory process. Circle submitted its application on June 30, 2025, and received conditional approval in December 2025.

The charter adds to Circle’s broader licensing record across major markets. The company became the first firm to receive a Bitlicense from the New York Department of Financial Services in 2015. It also became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework in 2024.

Circle holds licenses in the UK, Singapore, and Bermuda. Also, it has met Canada’s Value-Referenced Crypto Asset requirements and secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority in 2025.

The approval comes as stablecoin issuers compete to prove that digital dollars can operate within established regulatory structures. For Circle, a national trust bank gives USDC a stronger federal foundation for payments, settlement and capital markets use.