Circle Applies for National Trust Bank Charter
2025-06-30 21:19:45
Main Idea
Circle, the issuer of the USDC stablecoin, has applied for a national trust bank charter to bring it under direct federal oversight, aligning with potential U.S. stablecoin legislation.
Key Points
1. Circle's application for a federal trust charter would place it under the direct oversight of the Office of the Comptroller of the Currency (OCC).
2. If approved, the new entity would be named First National Digital Currency Bank, N.A.
3. This move aligns with potential U.S. legislation like the GENIUS Act, which aims to establish regulations for dollar-backed stablecoins.
4. Circle CEO Jeremy Allaire stated that the charter would strengthen the company's USDC infrastructure.
5. Circle issues USDC, the world's second-largest stablecoin, and the leading euro-pegged token EURC.
Description
Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank. A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored ...
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