Circle Becomes First Stablecoin Issuer to Secure US National Trust Bank Approval
USDC issuer can now expand federally regulated digital asset custody services nationwide.
1Historic Approval
Circle has become the first stablecoin issuer to receive approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. Operating as Circle National Trust, the institution will be formally known as First National Digital Currency Bank. This decision marks a significant milestone for the digital asset industry.
2Leading the Competition
Circle has outpaced competitors like Ripple and Paxos to become the first company securing a federal trust bank charter. Ripple applied in July 2025 and Paxos in August 2025. This approval strengthens Circle's position in the U.S. financial system.
3Initial Services
According to the approved business plan, Circle National Trust will initially provide digital asset custody services for Circle and its affiliates. Services may expand to include a limited number of institutional clients like banks and financial institutions as demand grows.
4USDC Reserve Management
The trust bank structure will eventually allow Circle to manage reserves backing its USDC stablecoin under federal oversight. This move enhances trust in USDC, the world's second-largest stablecoin.
5Global Regulatory Footprint
Circle was the first company to receive New York's BitLicense in 2015 and the first global stablecoin issuer to comply with EU's MiCA framework in 2024. The company holds approvals in the UK, Singapore, Bermuda, Canada and Abu Dhabi.
6Industry Milestone
This approval represents a critical step in integrating blockchain technology and digital assets into the core of the U.S. financial system. The federally supervised trust bank model may set a new standard for the industry.