Circle applied to the OCC to form a national trust bank for managing the USDC reserve.
The charter supports Circle’s compliance with the GENIUS Act and federal stablecoin regulations.
Sei Network links Circle’s move to the broader rise of institutional crypto adoption.
On July 1, 2025, Circle filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to create a national trust bank. The proposed entity, named First National Digital Currency Bank, would manage the reserve for Circle’s USDC stablecoin in the United States.
The Circle trust bank would operate under federal oversight and offer custodial services but not issue loans or take deposits. The company said this move would simplify compliance by eliminating the need for state-based money licenses.
The OCC Circle application includes a 30-day public comment period. A decision typically follows within 120 days if the application is complete.
GENIUS Act Compliance Drives Circle’s Strategy
Circle’s application supports its goal of meeting future requirements under the GENIUS Act, which passed the U.S. Senate on June 17 and is now under House review. The legislation ou…
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