Circle Files for US National Trust Bank Charter to Boost USDC Regulatory Compliance

Circle, the issuer of the USDC stablecoin, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States. This initiative aims to strengthen oversight of its stablecoin reserves and enhance the infrastructure supporting USDC issuance and circulation.

If approved, the proposed First National Digital Currency Bank WOULD operate as a federally regulated trust institution, advancing Circle's vision of a transparent and efficient internet-based financial system. CEO Jeremy Allaire highlighted the proactive nature of the application, describing it as a significant milestone for both the company and the broader digital asset ecosystem.

The OCC's review process includes a 30-day public comment period, with decisions typically made within 120 days of receiving the final application. This regulatory MOVE comes as stablecoin issuers face increasing scrutiny over their reserve management practices.