Circle Wins OCC Approval for First National Digital Currency Bank

Circle secured final approval from the Office of the Comptroller of the Currency to launch First National Digital Currency Bank, N.A., now operating as Circle National Trust. The charter places the entity under federal oversight and authorizes fiduciary crypto custody for Circle and its affiliates. It also sets up a framework for future management of USDC reserves under OCC supervision.

The approval marks the first national digital currency bank charter. The trust can hold crypto assets in custody for Circle and its affiliates, and the structure opens a path for OCC oversight of the reserves backing USDC, the second-largest stablecoin by market capitalisation. Circle National Trust is based in the United States and will operate under OCC rules, the regulator said in its order.

The charter took effect immediately upon the OCC's final approval.