Circle Applies for National Trust Bank Charter to Manage USDC Reserves

Circle Internet Group, the company behind the USDC stablecoin, has filed an application with the U.S. Office of the Comptroller of the Currency for a national trust bank charter. The proposed First National Digital Currency Bank, N.A., WOULD manage USDC reserves and offer digital asset custody services under federal oversight.

This strategic step places Circle alongside Anchorage Digital as one of the few crypto-native firms operating under federal regulation. While not a traditional deposit-taking bank, the trust charter would allow Circle to custody cryptocurrencies and tokenized assets for institutional clients.

The application aligns with Circle's strategy to bring stablecoins into the regulated financial system. It comes as the GENIUS Act, which would set federal standards for stablecoin issuers including reserve requirements and disclosures, makes legislative progress.