FinTech company Circle officially submitted an application to create a federally regulated trust bank that will manage USDC reserves and provide custodial services to institutional clients.
Circle Internet Group, Inc., the issuer of the stablecoins USDC and EURC, filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish the national trust bank First National Digital Currency Bank, N.A. If approved, the bank will receive a federal trust charter, allowing Circle to integrate even more closely into the U.S. financial system. The bank’s responsibilities will include managing USDC reserves, issuing and circulating the digital dollar, and offering digital asset custody services to institutional clients.
Jeremy Allaire, CEO of Circle, noted that establishing a national digital trust bank is an important milestone in developing a transparent and accessible financial internet infrastructure. He emphasized that moving toward a federal charter will enable Circle to comply with future regulatory requirements and strengthen the resilience of the U.S. dollar in the global digital economy.
The press release highlights Circle’s successful track record of obtaining key licenses. The company was the first to receive the BitLicense from the New York State Department of Financial Services (NYDFS) in 2015, became the first stablecoin issuer to comply with the European MiCA regulation in 2024, and in February 2025, its stablecoins were the first to receive official recognized crypto asset status at the Dubai International Financial Centre (DIFC).
Currently, in addition to stablecoins, Circle offers a broad range of FinTech solutions for businesses and developers, integrating blockchain technologies and stablecoins into commercial and payment processes worldwide.
For example, in April 2025, Circle launched a global payment network based on stablecoins for international transfers, Circle Payments Network (CPN). Two months later, Circle partnered with FinTech company Matera to launch a solution enabling financial institutions in Brazil to settle payments in USDC stablecoins directly through existing bank accounts.
