Circle Seeks Federal Charter to Launch USDC-Focused National Digital Currency Bank

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2025-06-30 21:18:13

USDC News -

USDC stablecoin issuer Circle has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The proposed First National Digital Currency Bank, N.A. WOULD operate under OCC supervision, managing reserves for USDC—the second-largest stablecoin with over $61 billion in circulation.

A federal trust charter would align USDC with the recently passed GENIUS Act stablecoin legislation. "This represents a major step toward building a transparent, efficient, and accessible internet-based financial system," stated Circle CEO Jeremy Allaire. The initiative aims to strengthen USDC's infrastructure and ensure compliance with evolving U.S. stablecoin regulations.

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