Karla Barker 
Circle (CRCL), the company behind the USDC stablecoin, has secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The approval, announced on Friday, marks a significant regulatory milestone for the firm.
What the charter allows
The new entity, called Circle National Trust, will operate as a federally regulated trust bank. Unlike traditional commercial banks, it cannot accept consumer deposits or make loans. Instead, it is authorized to offer custody and fiduciary services for digital assets. Initially, the bank will serve Circle and its affiliates, but over time it may extend custody services to a limited number of institutional clients, including banks and other regulated financial firms.
Reserve management is a future step
According to Circle’s statement, the charter also opens the door for the company to potentially manage the reserves that back USDC under OCC supervision. However, the company emphasized that reserve management remains a future capability and is not yet active. Circle initially applied for the charter in June 2025 and received conditional approval six months later.
Market reaction and broader trend
Shares of Circle jumped 14% in pre-market trading following the news. The move aligns with a growing trend among crypto firms seeking federal charters and banking approvals. Crypto.com secured an OCC license in February to operate as a federally regulated crypto custodian bank. Other companies like BitGo, Ripple, Paxos, and Fidelity Digital Assets all received similar conditional approvals back in December.
Circle’s position in the stablecoin market
USDC is the second-largest dollar-pegged stablecoin, with roughly $73.2 billion in circulation. Tether’s USDT remains the largest at $184.1 billion. Circle CEO Jeremy Allaire described the OCC approval as “a defining step” in bringing blockchain technology into the core of the U.S. financial system. He added that federal oversight would set a new benchmark for transparency, governance, and scale for the company’s infrastructure.