ChainCatcher report: According to official announcements, on July 10, Circle (NYSE: CRCL), the issuer of the stablecoin USDC, announced that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank named Circle National Trust. The announcement states that this approval marks a significant regulatory milestone in the United States, placing the trust bank directly under federal supervision by the OCC. Upon 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 in the future to offer custodial services directly to selected banks and financial institutions, and ultimately to manage USDC reserves directly, further enhancing the security and transparency of USDC. Circle’s CEO, Jeremy Allaire, stated that this move is a crucial step in integrating blockchain technology and digital assets into the core U.S. financial system.
Circle has received final approval from the U.S. OCC to establish National Trust Bank.
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Summary
Circle (NYSE: CRCL) announced on July 10 that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to launch Circle National Trust, a national trust bank. This step aligns with ongoing CFT initiatives and regulatory actions closely linked to the Bitcoin ETF approval process. Federally regulated by the OCC, the bank will initially provide digital asset custody services for Circle and its affiliates, with plans to expand to other institutions. The new entity will also directly manage USDC reserves to enhance transparency and security.
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