circle (CRCL)The company behind the USDC Stablecoin, Said On Monday, it has filed an application with the office of the controller of the currency to constitute a federal National Trust Bank.
A Federal Trust Charter will bring circle under the direct OCC oversight, how traditional financial institutions are regulated, it will be aligned with. If approved, the new unit, which will be called the first National Digital Currency Bank, will oversee the custody of NA USDC reserves and offer services to the institutions. If approved, Federly will join the rank of federal chartered institutions such as circle packs and encounter, both had previously secured the position of Trust Bank to offer crypto-related services across the country.
Trust bank position will allow circles to be operated in state lines without obtaining separate licenses in each state – a barrier in which many digital asset expansion is a complex expansion for companies. This will also allow institutional customers to offer circles to offer regulated digital asset detainment services.
This step indicates a strategic effort by Circle that it will create a new railing for dollar-supported stables, like the Genius Act to create its regulator as a US Mul law. The company said that by becoming the National Trust Bank, it will help meet the requirements of anticipated needs under the bill, which passed through the Senate earlier this month and now waits for a vote in the House of Representatives.
“By applying for a National Trust Charter, the circle is taking active steps to further strengthen our USDC infrastructure,” Circle CEO Jeremy Allair Said in a statement“We will align with emerging US regulation to release and operate dollars-value payments, which we believe that US dollars can increase and flexibility, and important to the leading institutions of the world, market can support the development of neutral infrastructure.”
The circle went public last month and released the world’s second largest Stabecrim, USDC and leading Euro-Paiged Token Eurc.
OCC, which oversees national banks and federal savings associations, should still review and approval the application of the circle. The agency has provided similar charters to a handful of crypto firms in recent years, indicating increasing regulatory acceptance of digital asset companies working within the traditional banking structure.
Update (June 30, 2025, 20:50 UTC), Adds additional information.
