Circle has received final approval from the US Office of the Comptroller of the Currency to establish a national trust bank, allowing the USDC issuer to expand its regulated digital asset custody operations in the United States.

The company announced today (Friday) that the new institution will operate as Circle National Trust, formally established as First National Digital Currency Bank. The approval follows Circle's application for a national trust charter in June 2025.

The decision also marks the first approval among a recent wave of applications from major stablecoin issuers seeking federal trust bank charters. Ripple applied to establish Ripple National Trust Bank in July last year as part of its plans to support its RLUSD stablecoin and custody services.

Paxos followed with its own application in August, seeking to convert its existing New York trust charter into a national OCC charter. Circle is the first of the three companies to receive final approval from the regulator.

Trust Bank Begins with Affiliate Custody Services

Commenting on the approval, Chief Executive Officer Jeremy Allaire described the decision as "a defining step" in bringing blockchain technology and digital assets "into the core of the US financial system."

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According to the approved business plan, Circle National Trust will initially provide fiduciary digital asset custody services for Circle and its affiliated companies. The bank could later expand those services to a limited group of institutional clients, including banks and other financial institutions, if demand develops.

Circle has received final OCC approval to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust.

A major U.S. regulatory milestone that strengthens USDC infrastructure through federally regulated custody, with reserve… pic.twitter.com/GtThvFV5aW

— Circle (@circle) July 10, 2026

Circle Eyes Federal Oversight for Reserves

The trust bank structure could also allow Circle to manage the reserves backing its USDC stablecoin under federal oversight in the future.

The approval further expands Circle's regulatory footprint. The company said it was the first business to receive a BitLicense from the New York Department of Financial Services in 2015 and the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets framework in 2024.

Circle has also secured regulatory approvals in the United Kingdom, Singapore, Bermuda, Canada and Abu Dhabi.