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FollowingCircle received final approval from the OCC to establish a National Trust Bank
Earlier today, the entity behind the second largest stablecoin announced that it had obtained the necessary permission from the Office of the Comptroller of the Currency (OCC) to establish the First National Digital Currency Bank (N.A.). The bank will operate as Circle National Trust.
Company executives said the authorization was one of the most important milestones for the company because it placed the trust bank directly under federal supervision.
Circle\'s OCC approval
The National Trust Bank license will allow the company to provide trusted cryptocurrency custody services for itself and its affiliates. This paves the way for future management of USDC reserves under OCC supervision and strengthens the infrastructure to support stablecoins by bringing key businesses into the U.S. federal banking framework.
Circle added that depending on demand, custody services can eventually be expanded to a limited number of institutional customers, including banks and regulated institutions.
Jeremy Allaire, co-founder, chairman and CEO of Circle, commented: \"The OCC\'s approval of the establishment of Circle National Trust marks a decisive step in bringing blockchain technology and digital assets to the heart of the U.S. financial system. Federal regulation has set new standards for the transparency, governance and scale that our trust banks bring, and has opened a new stage of adoption where leading financial institutions can build on public blockchains with clarity and confidence.\"
The company said it will continue to advance its long-term regulatory strategy. It applied for the license a year ago and received conditional approval later in 2025, finally getting final authorization today.
Tied with Ripple, BitGo, Paxos, etc.
As reported in late 2025, Circle was one of the first companies to receive conditional approval from the U.S. OCC. Ripple is also on the list of approved Ripple National Trust Banks. The move is widely seen as another important step in integrating blockchain infrastructure into the U.S. financial system.
Other companies focused on cryptocurrencies mentioned at the time included BitGo, Digital Assets and Paxos.
