The company behind the USDC stablecoin hopes to offer custodial and digital asset services
Circle, the company behind the USDC stablecoin, has officially submitted an application to operate as a federally regulated trust institution in the US. If approved by the Office of the Comptroller of the Currency (OCC), this move would establish the “First National Digital Currency Bank,” granting Circle the ability to offer custodial and digital asset services nationwide under federal oversight.
The goal, according to Circle, is to build a stronger foundation for the issuance and circulation of USDC and to manage its reserves more directly. Currently, Circle works with regulated partners to hold USDC reserves, but this step would bring that function in-house under a national framework.
A trust charter would allow Circle to avoid the patchwork of state-level money transmitter and digital asset licenses. Instead, it could operate under a single federal standard. While national trust banks are not permitted to take deposits or make loans, they can hold digital assets, provide custody services, and support stablecoin operations for institutional clients.
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
Circle’s move is also intended to align with expected federal rules around stablecoins. The company referenced the recently passed GENIUS Act, which awaits further debate in the House of Representatives. The legislation outlines regulatory structures for US dollar-backed stablecoins, and Circle’s CEO Jeremy Allaire said the application reflects the company’s plan to stay ahead of the curve on regulation.
The OCC will now open a 30-day comment period, followed by a review that could take up to four months.
Circle isn’t alone in seeking a federal trust license. Other crypto players, including Fidelity’s digital asset division, are also exploring similar routes. Anchorage Digital Bank, the first to convert from a crypto trust into a national bank under the OCC, set a precedent in 2021.
