Circle Applies for a National Trust Bank Charter with the US OCC
2025-07-01 16:08:47
Main Idea
Circle has applied to the OCC to form a national trust bank for managing the USDC reserve, aiming to comply with the GENIUS Act and federal stablecoin regulations.
Key Points
1. Circle applied to the OCC to create a national trust bank named First National Digital Currency Bank, which would manage the reserve for USDC.
2. The move is driven by compliance with the GENIUS Act, which sets federal standards for stablecoins like USDC.
3. The OCC application includes a 30-day public comment period, with a decision typically following within 120 days if the application is complete.
4. Circle Internet Group stock (CRCL) opened lower on July 1, 2025, after the OCC application announcement.
5. Sei Network linked Circle's charter application to broader institutional crypto adoption, highlighting its potential impact on blockchain integration by institutions.
Description
Circle applied to the OCC to form a national trust bank for managing the USDC reserve. The charter supports Circle’s compliance with the GENIUS Act and federal stablecoin regulations. Sei Network links Circle’s move to the broader rise of institutional crypto adoption. On July 1, 2025, Circle filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to create a national trust bank. The proposed entity, named First National Digital Currency Bank, would manage the reserve ...
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