Circle Seeks US Trust Bank Charter to Bolster USDC Reserves Management

Following its successful public market debut, Circle Internet Financial has filed an application to create the First National Digital Currency Bank under a national trust charter. This strategic step enables the stablecoin issuer to venture into digital asset custodial services—excluding cryptocurrencies such as Bitcoin and Ethereum—while aligning with Washington's increased regulatory focus on stablecoins.

If approved by the Office of the Comptroller of the Currency, Circle could custody parts of its $28 billion USDC reserves and potentially handle tokenized traditional securities. "This charter application marks our next growth phase as a regulated, transparent financial institution," stated CEO Jeremy Allaire, positioning the MOVE as complementary to legislative efforts like the pending GENIUS Act.

Circle's shares showed minimal movement, rising 0.48% to $181 before settling at $178 in after-hours trading. Approval WOULD make Circle one of only two crypto-native firms, alongside Anchorage Digital, to hold national trust bank status.