Circle Internet Group (NYSE: CRCL) announced on July 10, 2026, that it received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., which will operate under the name Circle National Trust.
A major regulatory milestone
The approval places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.
The charter strengthens the infrastructure behind USDC, the world’s largest regulated stablecoin, through federally regulated custody, with reserve management planned as a future capability.
Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said:
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.”
He added:
“Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
Custody services and future capabilities
Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates.
According to its OCC-approved business plan:
“Depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations.”
The charter is also designed to enable future management of the USDC Reserve under federal regulatory oversight.
Years of regulatory engagement
Circle submitted its application on June 30, 2025, and received conditional approval in December 2025.
The company became the first to receive a BitLicense from New York in 2015, and in 2024 became the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, Bermuda, and Abu Dhabi Global Market.
