Circle Files for National Trust Bank License in the U.S.

Circle Internet Group Inc., the issuer of USDC stablecoin, has submitted an application for a national trust bank license to the Office of the Comptroller of the Currency. The move aims to establish the First National Digital Currency Bank, which WOULD oversee USDC reserve management. CEO Jeremy Allaire emphasized the company's commitment to trust and compliance, citing its transition to a publicly traded entity as part of this strategy.

Approval would position Circle alongside Anchorage Digital as a federally chartered crypto custodian, potentially unlocking institutional capital flows into digital assets. The Biden administration's focus on regulatory clarity for cryptocurrencies adds momentum to such initiatives. Circle's dominance in the stablecoin market has already attracted institutional interest, and a banking charter could further solidify its role in digital asset custody services.