Circle (CRCL)The company behind the USDC Stablecoin, said on Monday that it had applied to the office of the currency controller to form a national trust regulated by the federal government.
A federal trust charter would put the circle under direct supervision of the OCC, aligning it with the way in which traditional financial institutions are regulated. If it is approved, the new entity, which is called First National Digital Currency Bank, would supervise the USDC reserves and offer services adapted to institutions. If it is approved, Circle would join the ranks of federal institutions to charter as paxos and anchorage, which have both previously obtained the status of the trust bank to offer services related to cryptography nationally.
The status of the trust bank would allow Circle to operate through the state lines without obtaining separate licenses in each state – an obstacle that has complicated expansion for many digital asset companies. It would also allow Circle to offer regulated digital asset childcare services to institutional customers.
The move indicates a strategic effort of Circle to consolidate its regulatory position while American legislation reflects like the engineering law, which would create new guards for the supported staboins of a dollar. The company said that becoming a national trust bank would help meet the requirements provided under the bill, which was adopted by the Senate earlier this month and is now waiting for a vote in the House of Representatives.
“By asking for a national trust charter, Circle takes proactive measures to further strengthen our USDC infrastructure,” said Jeremy Allaire, CEO of Circle. “We are going to align ourselves on emerging American regulations for the issue and exploitation of payment stalls denominated in dollars, which, in our view, can improve the scope and resilience of the US dollar, and support the development of crucial neutral infrastructure for the main global institutions.”
Circle became a public last month and issues the second largest stablecoin in the world, USDC, and the main EURC token in Pie.
The OCC, which oversees national banks and federal savings associations, must always examine and approve the demand for Circle. The agency has granted charters similar to a handful of crypto companies in recent years, pointing out an increasing regulatory acceptance of digital asset companies operating in the traditional banking framework.
UPDATE (June 30, 2025, 20:50 UTC):: Add additional information.
