Circle Files for US National Trust Bank Charter to Boost USDC Institutional Adoption

Circle Internet Financial, the company behind the USDC stablecoin, has officially submitted an application to create a federally regulated trust bank supervised by the Office of the Comptroller of the Currency. The planned First National Digital Currency Bank WOULD oversee USDC reserves and adhere to upcoming stablecoin regulations.

This strategic step prepares Circle to comply with expected provisions under the GENIUS Act, which requires full reserve backing and anti-money laundering measures for dollar-pegged cryptocurrencies. If approved, this would represent a major milestone in institutional crypto adoption, establishing the first national bank focused exclusively on digital currency operations.

"This charter application demonstrates our dedication to developing financial infrastructure that upholds the highest standards of transparency and regulatory compliance," stated Circle CEO Jeremy Allaire. The application coincides with growing congressional momentum for comprehensive stablecoin legislation, with many analysts forecasting enactment by the end of 2025.