Stablecoin company Circle has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, "First National Digital Currency Bank, N.A.," as part of its expansion of financial services after its IPO. If approved, the license would allow Circle to self-custody its USDC reserves and provide digital asset custody services to institutional clients, but would not include the authority to accept deposits or issue loans. Circle says its future custody focus will be on assets such as tokenized stocks and bonds, rather than traditional cryptocurrencies. [Reuters]

Stablecoin issuer Circle has formally applied to establish a federally regulated national trust bank in the United States, a move aimed at enhancing oversight of its USDC stablecoin reserves and aligning with evolving regulatory frameworks for digital assets.Strengthening Regulatory Oversight for USDCAccording to a company statement released on June 30, the proposed entity, First National Digital Currency Bank, N.A., would oversee the management of USDC’s reserves on behalf of Circle’s U.S. issuer. In addition to safeguarding stablecoin reserves, the bank would also offer digital asset custody services to institutional clients.This strategic initiative follows Circle’s successful public market debut earlier in June, which saw its stock price triple on opening day and pushed the company’s valuation beyond $18 billion. The public listing has already subjected Circle to higher regulatory standards through increased disclosures, governance requirements, and routine audits.Positioning for the GENIUS ActThe trust bank application also positions Circle to comply with anticipated requirements under the GENIUS Act, a stablecoin legislation that passed the U.S. Senate on June 17 and now awaits a vote in the House of Representatives. The bill seeks to establish a comprehensive framework for the issuance and oversight of payment stablecoins in the U.S.A national trust bank charter, regulated by the Office of the Comptroller of the Currency (OCC), would exempt Circle from securing individual state-level money transmitter licenses. While such trust banks are not permitted to accept cash deposits or issue loans, they can provide custodial services and operate nationwide under a unified federal framework.OutlookShould the application be approved, the new national trust bank would mark a significant step for Circle’s regulatory strategy, offering a fortified infrastructure for USDC issuance and operations amid growing demand for oversight and transparency in the digital asset space.Jeremy Allaire, Co-founder, Chairman, and CEO of Circle, noted,Global Regulatory Push ContinuesCircle’s pursuit of a U.S. national trust bank license comes amid a broader effort to secure regulatory approvals in key global markets. In April, the firm received In-Principle Approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to function as a money services provider. More recently, in July 2024, Circle achieved full compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory regime, obtaining an Electronic Money Institution (EMI) license from France’s banking authority.Circle isn’t alone in seeking a federally regulated trust bank license. Financial institutions with digital asset divisions, including industry players like Fidelity, are also in discussions with the OCC to secure similar national bank charters as the U.S. moves toward formalizing crypto asset regulation.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

USDC

CRCL

Circle Seeks National Trust Bank License to Strengthen USDC Infrastructure

According to Reuters, stablecoin issuer Circle has applied for a U.S. trust bank charter and plans to establish a national trust bank in the United States, which will be named First National Digital Currency Bank, N.A. If the application is approved, it will be able to act as the custodian of its own reserves and hold crypto assets on behalf of institutional clients. [Foresight News]

Circle is applying for a US trust bank license and plans to establish a national trust bank in the United States.

According to Reuters, stablecoin issuer Circle (CRCL) has applied for a U.S. national bank charter. If approved, it will be able to independently manage USDC reserves and custody crypto assets on behalf of institutional clients. The entity will be named First National Digital Currency Bank, N.A. This move follows Circle's successful IPO this month, marking its further integration into the traditional financial system. (The Block) [Odaily Planet Daily]

Circle applies for US national bank charter, plans to independently manage USDC reserves

On July 1st, Decrypt reported that Circle, the issuer of the USDC stablecoin, announced on July 1st that it has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, "First National Digital Currency Bank, N.A." The bank will be responsible for overseeing the management of USDC reserves. Currently, the USDC has a market cap of over $61.0 billion and is the second-largest stablecoin in the market. Circle CEO Jeremy Allaire stated, "Establishing this type of national digital currency trust bank marks an important milestone in our goal of building a transparent, efficient, and accessible internet financial system." He added that this move will align Circle with emerging U.S. stablecoin regulations, including the recently passed GENIUS Act in the Senate. [深潮 TechFlow]

Stablecoin issuer Circle applies for national trust bank charter

On July 1, CNBC reported that stablecoin issuer Circle (CRCL.K) is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18.00 billion through an initial public offering, and this application is a key follow-up action. If the U.S. Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as the custodian of its own reserves and hold crypto assets on behalf of institutional clients. However, unlike traditional banks, this license does not allow Circle to accept cash deposits or issue loans. Currently, Cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts say that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses. [BlockBeats]

Circle applies to establish a national trust bank in the US

July 1st, according to CNBC, stablecoin issuer Circle (CRCL.K) is reportedly applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through an initial public offering, and this application is its subsequent key move. If the Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as a custodian of its own reserves and hold cryptocurrencies on behalf of institutional clients. However, unlike traditional banks, this charter does not allow Circle to accept cash deposits or issue loans. Currently, the cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank charter. Experts and analysts suggest that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their business. [BlockBeats]

Circle Applies to Establish Full Reserve National Commercial Bank in the U.S.

According to CNBC, stablecoin issuer Circle (CRCL.K) is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18.00 billion through an initial public offering, and this application is a key follow-up action. If the Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as the custodian of its own reserves and hold crypto assets on behalf of institutional clients. However, unlike traditional banks, this license does not allow Circle to accept cash deposits or issue loans. Currently, Cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts say that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses. [ChainCatcher]

On July 1st (UTC+8), stablecoin giant Circle is seeking to establish the First National Digital Currency Bank (NA) and has formally applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust license, hoping to be directly regulated by the federal government nationwide to further conduct its USDC issuance, custody, and payment business in compliance. Circle stated that this will help provide stronger regulatory protection for institutional clients and promote the adoption of stablecoins globally. USDC is the second-largest stablecoin by market cap, with a total value of over $61.0 billion in circulating U.S. dollar-pegged tokens, and is widely used for trading, cross-border payments, and on-chain settlement. This move is another key step by Circle to promote stablecoins into the mainstream financial system, following its listing application to the U.S. Securities and Exchange Commission (SEC) last month, and is expected to attract more traditional financial institutions to cooperate with it in the future. (Source: Decrypt) [MetaEra]

Stablecoin giant Circle seeks to establish its own bank, applying for a national trust charter

Circle, the USDC stablecoin issuer, is seeking approval from the OCC to launch a national trust bank named First National Digital Currency Bank, N.A. This move aims to comply with stablecoin legislation and strengthen USDC infrastructure under federal oversight.

USDC Issuer Circle Seeks National Trust Bank Charter

On the heels of its blockbuster IPO, stablecoin issuer Circle Internet Group Inc. said it is seeking to create a national trust bank in the US. If approved, Circle would be only the second operating crypto company with such a bank charter, which requires approval from the US Office of the Comptroller of the Currency. In 2021, the regulator conditionally approved the conversion of Anchorage Trust Company into Anchorage Digital Bank.

Circle Applies for US National Trust Bank Charter After Mega IPO

Circle applies to establish a national trust bank, intending to manage USDC reserves and expand custody services.

Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer. If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday. Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of USDC (USDC) and offer digital asset custody services to institutional customers, the stablecoin issuer added. National Trust Banks can’t accept cash deposits or issue loans. However, they can offer custodial services and operate nationally under the oversight of the OCC, rather than having to apply for individual state-based money transmitter licenses or specific digital currency licenses, according to law firm Dave Wright Tremaine. Circle said a federally regulated trust charter would also help it meet requirements under the proposed GENIUS Act, which passed the US Senate on June 17 and moved to the House of Representatives, where it will face another vote before possibly becoming law. Circle co-founder and CEO Jeremy Allaire said Circle is taking “proactive steps to further strengthen our USDC infrastructure” and “align with emerging US regulation for the issuance and operation of dollar-denominated payment stablecoins.” National Trust Bank applications to the OCC are subject to a 30-day comment period, and the regulator usually decides to approve or reject within 120 days after receipt of a complete application. Circle isn’t the only crypto firm hoping to create a national trust bank under the oversight of the OCC. Eleanor Terrett, the host of the Crypto in America podcast, said in an X post on Monday that there are several other crypto firms , including the digital currency wing of financial services giant Fidelity, that are applying for a national bank charter license from the OCC. Circle has been considering a bank charter since at least 2022 and was also named in The Wall Street Journal report on April 21 as one of several crypto firms considering applying for a bank charter or license. Related: Circle stock becomes largest component of VanEck’s digital asset index Anchorage Trust Company became the first crypto firm to receive a license from the OCC in January 2021, converting into Anchorage Digital Bank. Circle Internet Group (CRCL) shares have traded flat in the last trading session, rising 0.48% to $181. Google Finance data shows . In after-hours trading, the stock dropped 1.30% to $178. After going public, Circle stock made a strong entry into the market on June 5, climbing 167% during its first trading session on the New York Stock Exchange. Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?

Circle applies for US trust bank charter to manage its USDC reserve

<img>USDC issuer Circle has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank license, as per a report from Reuters. If approved, Circle will establish a new federally regulated entity called First National Digital Currency Bank. Currently, Anchorage Digital is the only ...
The post <a href="https://unchainedcrypto.com/circle-seeks-u-s-banking-license-to-directly-custody-billions-in-usdc-reserves/">Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves</a> appeared first on <a href="https://unchainedcrypto.com">Unchained</a>.

Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves

Circle applies to establish the first "National Digital Currency Bank" in the United States to seize the high ground of stablecoin compliance.

Circle, "the first stock in stablecoins," applies for a federal trust bank charter to self-custody $60.00 billion in assets

<img>Other crypto firms are also reportedly considering applying for a national bank charter, following in the footsteps of Anchorage Digital Bank, which received a license in 2021.

On July 1, CNBC reported that stablecoin issuer Circle (CRCL.K) is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18.00 billion through an initial public offering. This application is a key follow-up action. If the U.S. Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as the custodian of its own reserves and hold crypto assets on behalf of institutional clients. However, unlike traditional banks, this license does not allow Circle to accept cash deposits or issue loans. Currently, Cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts say that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses. [BlockBeats]

Circle Applies to Establish National Trust Bank in the US

HIGHLIGHTS Circle is seeking a charter that will allow it to serve as custody provider for its reserves. The move comes after its widely successful IPO with the stablecoin issuer keen on riding the regulatory wave. The US is inching closer to a robust playbook for stablecoin regulation. Circle has formally applied for a banking license after its successful IPO, seeking to provide custodial services for itself and institutional clients. The US trust bank license application precedes an incoming robust stablecoin regulation as ecosystem activity heats up.
Circle Applies For Trust Bank License
According to a Reuters report, stablecoin issuer Circle is seeking the creation of a new entity to operate as a national trust bank. Per the report, the company has applied for a US trust bank license that will allow it to provide a raft of custodial services.

If granted the trust bank license by the Office of the Comptroller of the Currency (OCC), Circle will float First National Digital Currency Bank. Company CEO Jeremy Allaire says the new entity will custody a slice of Circle's USDC reserves, but a portion will remain with leading financial institutions.

Furthermore, the license will allow Circle to offer custodial services for tokenized stocks and bonds rather than Bitcoin or Ethereum. Currently, Anchorage Digital is the only cryptocurrency-based company with a national trust bank license.
"Circle has long sought to seek the highest standards of trust, transparency, governance, and compliance," said Allaire. "Becoming a publicly traded company is a significant part of that, becoming a national trust company is again a continuation of that."
The move comes after the company's IPO, with Circle stock flipping USDC in market capitalization after a meteoric rally.
A Changing Regulatory Landscape For Stablecoins
Circle's applications come amid a push by Congress to roll out a national stablecoin regulatory framework. After passing in the Senate, the GENIUS Act has reached the House, but members are advocating for a merger with the CLARITY Act.

As the bill makes its way through the legislative process in the House, Circle is positioning itself to take advantage of the changes. Allaire says its IPO is the first step to take pole position, while the application for a trust banking license further strengthens its position.
"As a public company, and now, hopefully, if we are successful in getting approval from the OCC as a national trust, that will give us a foundation that the world's leading institutions are going to be comfortable building on," said Allaire.
Already, the company is reaping the benefits from its forward-thinking regulatory moves. Sam Altman's World Chain is leaning on USDC for payments, while Shopify has integrated the stablecoin as Circle closes in on Tether's dominance.

Just In: Circle Moves To Secure US Trust Bank License

Following its IPO earlier this month at a valuation of approximately $18 billion, U.S.-based stablecoin company Circle has taken another important step. The company has begun the formal process of obtaining a national trust bank license by applying to the U.S. Office of the Comptroller of the Currency (OCC). If approved, Circle will be able to provide custody of its own reserves and hold crypto assets on behalf of institutional clients, but unlike traditional banks, the license does not grant it the authority to take cash deposits or make loans. “Circle has long sought the highest levels of trust, transparency, governance and compliance. Becoming a public company was part of that vision. Becoming a national trust bank is a continuation of that,” Circle CEO Jeremy Allaire told Reuters. If Circle obtains a national trust bank license, the new unit it will establish will be called First National Digital Currency Bank, N.A. Currently, Anchorage Digital is the only digital asset company in the U.S. with a national trust bank license. If Circle’s application is approved, it will be the second company in this field. The new bank will manage the majority of the reserves of the company’s USDC stablecoin, which will be backed by the U.S. dollar. However, Allaire noted that some reserves will continue to be held by major banks. Additionally, Circle will be able to offer digital asset custody to institutional clients through this new structure. Allaire stated that this service will focus on traditional financial products such as stocks and bonds tokenized on the blockchain, and not cryptocurrencies such as Bitcoin or Ethereum. *This is not investment advice.

BREAKING: Circle, One of the Largest Stablecoin Companies, Files Critical Bank Application in the US

Circle Internet Group (ticker CRCL) has applied for a national banking license, according to Reuters. The news marks the second-largest stablecoin issuer's latest move to become more ingrained in the legacy financial system, following a hugely successful initial public offering this month.A U.S. Office of the Comptroller of the Currency license would enable Circle to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. However, Reuters says the license would not allow Circle to take cash deposits or make loans like traditional banks.The OCC-regulated entity would be called First National Digital Currency Bank, N.A., according to Reuters.Circle has long looked to apply for a U.S. bank charter, which could open the door to it operating like a traditional lender by offering services such as deposit-taking and loan issuance. The company previously denied claims it was seeking a national trust charter or industrial bank license.Circle went public on June 5 under the ticker CRCL in what will likely go down as one of the hottest IPOs in years. The offering was 25 times oversubscribed, priced above the indicated range at $31, and soared 167% on the first day.On Monday, Bernstein analysts argued Circle's USDC is likely to become the largest regulated stablecoin under the GENIUS Act, thereby giving the firm a "regulatory headstart."USDC has a current market cap of $61.5 billion, according to The Block’s data. Meanwhile, Circle's stock closed at $181.29 per share, giving the company a market cap north of $40 billion.

Circle applies for US banking license, enabling it to act as custodian for USDC reserves: report

Circle seeks a trust bank license to directly manage USDC reserves and offer custody for tokenized stocks and bonds onchain.
The post <a href="https://cryptobriefing.com/circle-trust-bank-license-tokenized/">Circle applies for national trust bank license to expand USDC reserve custody</a> appeared first on <a href="https://cryptobriefing.com">Crypto Briefing</a>.

Circle applies for national trust bank license to expand USDC reserve custody

稳定币公司Circle已向美国货币监理署（OCC）申请设立一家全国性信托银行，名为“First National Digital Currency Bank, N.A.”，这是其在首次公开募股（IPO）后扩展金融服务的一部分。如果获批，该牌照将允许Circle自行保管其USDC储备，并为机构客户提供数字资产托管服务，但不包括接受存款或发放贷款的权限。Circle表示，其未来的托管重点将放在诸如代币化股票和债券等资产上，而非传统加密货币。[路透社]

Circle 申请设立一家国家信托银行，计划管理 USDC 储备并扩大托管服务。

穩定幣公司Circle已向美國貨幣監理署（OCC）申請設立一家全國性信託銀行，名爲“First National Digital Currency Bank, N.A.”，這是其在首次公開募股（IPO）後擴展金融服務的一部分。如果獲批，該牌照將允許Circle自行保管其USDC儲備，並爲機構客戶提供數字資產託管服務，但不包括接受存款或發放貸款的權限。Circle表示，其未來的託管重點將放在諸如代幣化股票和債券等資產上，而非傳統加密貨幣。[路透社]