Circle Receives OCC Approval to Establish Digital Currency Trust Bank

Odaily Odaily Planet Daily News Stablecoin issuer Circle Internet Group has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national digital currency trust bank, aiming to further expand its stablecoin business scope. Circle stated that the OCC has approved the establishment of an entity that will be named "Circle National Trust" in the future. This institution will operate under the federal trust bank regulatory framework, providing institutional-grade services including digital asset custody to clients.

This approval means Circle will enter the regulated digital asset custody field beyond its USDC issuance and payment businesses, consolidating its regulatory system through a single federal trust charter. Circle CEO Jeremy Allaire has repeatedly emphasized that stablecoins are becoming crucial infrastructure connecting traditional finance and the on-chain economy. This acquisition of a banking license is seen by the market as a significant step in the transformation of stablecoin companies into financial infrastructure providers. (Bloomberg)