🇺🇸 USDC issuer Circle applies for national trust bank license in the US.

Circle, the issuer of the USDC stablecoin, has applied for a national trust bank license with the US Office of the Comptroller of the Currency. This move aims to enable Circle to self-custody its USDC reserves and provide custodial services for digital assets to institutional clients.

The national trust bank license would allow Circle to manage its USDC reserves directly and offer custodial services for tokenized traditional assets, such as stocks and bonds.

The proposed entity, First National Digital Currency Bank, N.A., would operate as a federally regulated trust institution, subject to OCC oversight.

Circle's application aligns with emerging US regulations, including the GENIUS Act, which requires stablecoin issuers to maintain liquid asset backing and provide monthly reserve disclosures.

This move could accelerate mainstream adoption of stablecoins among traditional financial institutions and retailers, further cementing Circle's position as a bridge between traditional finance and the digital asset economy.

Circle joins Anchorage Digital, which received a national trust bank charter in 2021, as one of the few crypto firms with such a license.#REX-OSPREYSolanaETF $ETH