USDC Issuer Circle Wins Approval for US National Trust Bank

As crypto finance converges with the mainstream financial system, regulatory compliance among stablecoin issuers has become a key market focus. Circle, the fintech company behind USDC, the world’s second-largest stablecoin, has long sought to bring its more than $70 billion in digital-asset reserves under federal oversight. A national trust bank charter would integrate blockchain-asset custody directly into the core U.S. financial system and place USDC reserves within a federal regulatory framework. The move is seen as a major milestone in cryptocurrency’s path toward the mainstream.

The Office of the Comptroller of the Currency gave Circle final approval on July 10, 2026, to establish a U.S. national trust bank called “Circle Trust.” The application was filed in June 2025 and received conditional approval that December. The new bank will operate under the legal name “First National Digital Currency Bank.” It will initially provide digital-asset custody services to Circle and its affiliates, with plans to expand the offering to financial institutions.