Circle Moves to Establish National Trust Bank to Oversee USDC Reserves

Description

Stablecoin issuer Circle has officially applied to establish a national trust bank in the United States, aiming to oversee its USDC reserves while aligning with emerging federal regulations. If approved by the Office of the Comptroller of the Currency (OCC), Circle’s “First National Digital Currency Bank” will operate as a federally regulated trust institution, the company announced on Monday. This move is part of Circle’s efforts to strengthen the infrastructure supporting the issuance and circ...