Circle Applies for OCC Approval to Expand USDC Services Through New National Trust Bank

Highlights:

• Circle applies to launch a national trust bank to expand USDC custody and support tokenized asset services.
• The GENIUS Act moves through Congress as Circle seeks a charter to align with upcoming stablecoin rules.
• USDC adoption grows as Shopify and World Chain integrate the stablecoin for payments across digital platforms.

Circle has submitted an application to establish First National Digital Currency Bank. The move follows the company’s successful public listing earlier this month. Circle filed the request with the Office of the Comptroller of the Currency, which oversees national trust banks in the United States. In case it is approved, the new entity will be subject to a federal charter and will serve to provide Circle with the growth of its stablecoin services.

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🚨 JUST IN: Circle has applied for a U.S. national trust bank license.

This could bring USDC closer to full integration with the banking system.
Source: Cointelegraph#Circle #USDC pic.twitter.com/JivI4Ofx7H

— Emilio Crypto Bojan (@EmilioBojan) July 1, 2025

The trust bank will operate a portion of Circle USDC reserves and provide custodial services to institutional customers. The services will incorporate the custody of tokenized financial instruments like stocks and bonds. However, the new bank will not support cryptocurrencies like Bitcoin or Ethereum. Circle aims to build a stronger foundation for the circulation and use of USDC within the financial system.

Anchorage Digital is currently the sole crypto-native company with a national trust bank license. Circle would become the second if the application receives approval. The company has outlined its intention to grow alongside the market while ensuring secure digital asset custody. Circle continues to focus on building infrastructure that supports the stablecoin’s long-term adoption.

Circle Applies for National Trust Bank License as Stablecoin Legislation Advances

Circle’s application comes at a time when stablecoin oversight is moving through the U.S. Congress. Lawmakers have introduced the GENIUS Act, which passed the Senate and is now under review in the House of Representatives. The bill proposes a national framework for firms that issue dollar-based digital currencies. Circle’s decision to apply reflects its plan to stay aligned with the proposed requirements.

The national trust charter allows a bank to offer services across the country without applying for state-by-state licenses. It cannot accept cash deposits or provide loans, but it can deliver custody and fiduciary services. These services include handling digital assets for institutional clients. Circle believes the charter would support its plans to strengthen compliance with future rules on stablecoins.

According to Jeremy Allaire, the CEO of Circle, the move was one step in a wider process of national compliance with current standards. He also stated that a federal charter would help build trust with institutional partners. According to Allaire, the company is preparing for expected changes in digital asset policy and wants to build a stable foundation for its services.

Today, we announced an important and significant milestone in our journey towards building the internet financial system with our official OCC National Trust Bank charter application for First National Digital Currency Bank, N.A.
https://t.co/Zx4bWGy388

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 30, 2025

A number of other companies are also gearing up to seek trust charters. According to reports, one of the companies considering this route is the digital assets division at Fidelity. Circle started considering the trust bank option in 2022 and is currently at the formal application process. According to the company, the review period could stretch to 120 days.

USDC Growth Accelerates as Circle Expands Adoption Partnerships

USDC, a stablecoin offered by Circle and the second largest by market cap after USDT, is gaining popularity on digital platforms. Recently, Shopify has integrated USDC as a merchant payment option, strengthening its presence in the online retail sector. In a further development, World Chain, which is backed by Sam Altman, has begun to utilize USDC as its base payment system.

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