On July 10, 2026, Circle was officially granted a National Trust Bank charter, becoming one of the first Stablecoin issuers globally to formally enter the U.S. federal banking regulatory system. This not only signifies Circle’s compliance upgrade from state-level to federal regulation but also marks a pivotal turning point in U.S. digital asset regulation: shifting from restrictive oversight toward integrating Web3 infrastructure into the unified federal financial system. Following the formal establishment of the GENIUS Act’s federal regulatory framework for payment Stablecoins, an increasing number of Web3 companies have begun proactively applying for National Trust Bank charters. For Stablecoin issuers, a federal charter not only satisfies compliance requirements for payment Stablecoin issuers and grants federal preemption, reducing cross-state operational costs, but also provides a potential institutional foundation for future access to the Federal Reserve’s payment systems and the development of independent clearing capabilities. These regulatory incentives collectively drive the U.S. Web3 industry’s transformation from traditional Web3 enterprises into licensed financial infrastructure providers. Meanwhile, U.S. digital asset regulatory policy is undergoing profound adjustments. After a prior phase characterized by “Crypto Debanking”—restricting banks from serving Web3 companies—the U.S. has gradually abandoned its path toward developing an official central bank digital currency (CBDC) and instead chosen to support federally regulated private U.S. dollar Stablecoins, incorporating the digital dollar system into the traditional financial regulatory framework to reinforce the dollar’s competitive advantage in global digital finance and cross-border payments. However, this institutional restructuring is not without controversy. Traditional banks generally argue that Web3 companies, upon becoming National Trust Banks, enjoy federal banking status and associated institutional advantages without assuming the corresponding capital requirements, deposit insurance obligations, or community reinvestment duties of commercial banks—potentially creating regulatory arbitrage and increasing systemic financial risk. Furthermore, whether Web3 institutions will ultimately gain access to the Federal Reserve’s payment systems, how they will respond to potential legal challenges, and how the implementing rules of the GENIUS Act will ultimately be finalized will continue to shape the future trajectory of the U.S. Crypto Banking (Web3 banking) system. Thus, Circle’s approval of a National Trust Bank charter is not merely a significant compliance milestone for a single company but also a critical window into the reconstruction of U.S. digital financial regulation and the dawn of the Web3 banking era. This content is excerpted from Web3Caff Research’s report: “U.S. Crypto Banking System: Part I – Circle Secures a Bank Charter: Why Are Web3 Companies Universally Moving Toward ‘Banking’? A Comprehensive Analysis of Its Charter Attributes, Approval Context, Driving Factors, Industry Impact, and Future Trends.” View the full report 👇 https://t.co/uxGKNPN9nB