Circle Moves To Establish National Trust Bank In US Following $18 Billion IPO
2025-07-01 11:08:27
Main Idea
Circle, the issuer of USDC, is applying to establish a national trust bank in the US following its $18 billion IPO, seeking OCC approval to enhance its banking capabilities in the digital asset space.
Key Points
1. Circle, issuer of USDC, is applying to establish the First National Digital Currency Bank, N.A., following its $18 billion IPO.
2. The application seeks approval from the US Office of the Comptroller of the Currency (OCC).
3. Circle's reserves are currently managed at BNY Mellon and BlackRock, backed by short-term Treasury bills, cash, and other liquid assets.
4. The move aligns with the recently passed stablecoin bill, the GENIUS Act, which mandates stablecoins be backed by liquid assets.
5. CRCL's stock closed at $180, a nearly 40% drop from its $299 record achieved last week.
Description
Circle (CRCL), issuer of the market’s second largest stablecoin, USDC, is applying to establish a national trust bank in the United States. This announcement follows Circle’s recent Initital Public Offering (IPO), which valued the company at nearly $18 billion. Circle Seeks OCC Approval If approved by the US Office of the Comptroller of the Currency (OCC), the new entity, named First National Digital Currency Bank, N.A., will allow Circle to serve as a custodian for its reserves and manage crypt...
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