Circle receives final approval from the US OCC to establish a national trust bank

According to ChainCatcher, citing official sources, stablecoin USDC issuer Circle (NYSE: CRCL) announced on July 10 that it has received final approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank named Circle National Trust.

The announcement stated that this approval marks a significant milestone in US regulation, placing the trust bank directly under the OCC's federal oversight. After its launch, Circle National Trust will initially provide federally regulated digital asset custodial services for Circle and its affiliates. According to the approved business plan, the bank plans to offer custodial services directly to select banks and financial institutions in the future, and ultimately achieve direct management of USDC reserves, further enhancing the security and transparency of USDC. Circle CEO Jeremy Allaire stated that this move is a key step in advancing blockchain technology and digital assets into the core of the US financial system.