A few weeks after its massive initial public offering, #Circle announced on Monday, the issuer of the stablecoin $USDC , that it is seeking approval from the Office of the Comptroller of the Currency (OCC) to launch a national credit bank.
Circle is seeking to establish Fi,rst N,ational D,igital Curr,,ency Bank, N.A., which will be subject to oversight by the Office of the Comptroller of the Currency and will oversee the management of reserves backing $USDC
, the second-largest stablecoin by market capitalization with over $61 billion of dollar-pegged tokens in circulation.
According to a statement from Circle, the federal credit charter will also help make $USDC compliant with the #GENIUS stablecoin law, which was recently passed in the Senate.
Jeremy Allaire, co-founder, chairman, and CEO of Circle, said in a statement: "Establishing a national credit bank for digital currency of this kind represents an important milestone in our goal to build a transparent, efficient, and accessible Internet financial system."
He added: "By applying for a national credit charter, Circle is taking proactive steps to further enhance our infrastructure for USDC." "Moreover, we will comply with emerging U.S. regulations for the issuance and operation of dollar-pegged stablecoins, which we believe can enhance the accessibility and resilience of the U.S. dollar and support the development of critical neutral market infrastructure for the world's leading institutions to build upon."