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FollowingCircle obtains limited purpose trust charter from the New York Department of Financial Services
Circle has obtained limited purpose trust charter from the New York Department of Financial Services (NYDFS), another regulatory approval the stablecoin issuer has received as it expands its business.
The company said on Friday that under the charter, Circle will conduct business under the name of Circle Trust Company of New York, noting that the charter is further refined based on the BitLicense it obtained in 2015.
CEO Jeremy Allaire said in a statement: "Obtaining the New York Trust Charter has been a long-term goal for Circle." He called the approval an important milestone for the company. "This charter embodies more than a decade of regulatory commitment and allows the USDC to operate within a strong and respected framework as the digital dollar becomes the core of the global financial system."
The charter places Circle New York Trust Company under the supervision of the New York Department of Financial Services. Limited purpose trust companies cannot accept customer deposits or issue loans like traditional banks, but can provide services such as holding digital assets on behalf of customers and performing trustee roles under New York Banking Act.
Circle's share price rose 8.4% on the day to about $68.40 after the announcement.
The announcement is the latest in a series of recent moves by Circle. Earlier this month, the Office of the Comptroller of the Currency approved the company's application to establish a National Trust Bank, allowing it to place key USDC businesses under the federal banking framework and provide digital asset custody services. On Monday, Circle acquired IBM's blockchain patent portfolio, adding nearly 1000 patents covering blockchain technology, financial services and enterprise software. The company said it plans to use the patents for USDC, Circle Payment Network and its Arc blockchain.
