Circle Seeks to Establish First USDC-Centric National Digital Currency Bank

Circle, the issuer of the USDC stablecoin, has submitted an application for a national trust bank charter to the U.S. Office of the Comptroller of the Currency. If approved, this WOULD create the First National Digital Currency Bank, N.A., representing a significant milestone in blending traditional finance with decentralized systems.

This initiative follows Circle's recent $18 billion IPO and would allow the company to directly manage USDC reserves, which are currently overseen by BNY Mellon and BlackRock. The firm also plans to offer institutional token custody services, although accepting deposits remains restricted under existing regulations.

Circle's regulatory progress continues to drive its strategy. The company obtained New York's inaugural BitLicense in 2024, achieved compliance with the EU's MiCA framework by 2025, and received preliminary approval from Abu Dhabi's financial regulators.