Circle Wins Federal Approval to Launch Digital Asset Trust Bank

Circle has received final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., a federally regulated national trust bank. The bank will operate as Circle National Trust, placing the USDC issuer under direct federal supervision for the first time.

Federal supervision means Circle's reserve management and custody operations will be subject to OCC examination. The charter gives the stablecoin issuer a regulated banking license, a status that could reassure institutional partners and regulators about the reserves backing USDC.

The approval follows years of regulatory uncertainty for stablecoin issuers, who have operated under state-level oversight or no formal banking charter. Circle's new trust bank structure is the first of its kind for a major stablecoin issuer.

The bank's operational launch date has not been disclosed.