Circle has received final approval from the U.S. OCC to establish a national trust bank

According to official news, the stablecoin USDC issuer Circle (NYSE: CRCL) announced on July 10 that it has received final approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank named Circle National Trust.

The announcement stated that this approval marks an important milestone in U.S. regulation, placing the trust bank directly under the federal oversight of the OCC. After opening, Circle National Trust will initially provide federally regulated digital asset custodial services for Circle and its affiliates. According to the approved business plan, the bank plans to directly offer custodial services to specific banks and financial institutions in the future, ultimately achieving direct management of USDC reserves, thereby further enhancing the security and transparency of USDC. Circle CEO Jeremy Allaire stated that this move is a key step in integrating blockchain technology and digital assets into the core financial system of the United States.