Michaela
Circle Internet Group, Inc., a U.S.-based fintech firm and the issuer of the USDC stablecoin, has officially filed an application with the Office of the Comptroller of the Currency (OCC) to establish a national trust bank that would, among other responsibilities, oversee the company’s USDC reserves on behalf of its U.S. issuer.
In an official press release, Circle stated that, if its application is approved, the proposed First National Digital Currency Bank, N.A. would function as a federally regulated trust entity under the supervision of the Office of the Comptroller of the Currency (OCC). The institution would be tasked with managing the USDC reserve on behalf of Circle’s U.S. issuing entity.
Obtaining a federally regulated trust charter would also support Circle’s efforts to comply with anticipated obligations under the proposed GENIUS Act—legislation seen as a significant move toward bringing digital assets into closer alignment with the traditional U.S. financial framework.
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Jeremy Allaire, co-founder, chairman, and CEO of Circle, described the move to establish a national digital currency trust bank as a pivotal step toward creating a transparent, efficient, and inclusive financial system built for the internet age.
“By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,” Allaire stated. “Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world’s leading institutions to build on,” he added.
In addition to Circle’s application, other crypto-focused companies, including Fidelity Digital Assets, have also sought national bank charters from the OCC , signaling a broader industry shift toward federally regulated operations.
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As regulatory scrutiny intensifies and digital assets move further into the financial mainstream, the push for clearer oversight and institutional-grade infrastructure continues to grow. Industry leaders appear increasingly focused on bridging innovation and compliance, signaling a new phase in the evolution of crypto within the U.S. financial landscape.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
