Circle Wins Federal Trust Bank Approval, Anchoring USDC in the U.S. Banking System
The U.S. Office of the Comptroller of the Currency approved Circle to establish a national trust bank on 10 July 2026. The charter places USDC custody under federal supervision, with reserve management planned as a future capability.
OCC approves Circle to establish a national trust bank
The Office of the Comptroller of the Currency (OCC) granted Circle final approval to establish a national trust bank on 10 July 2026. The bank will be named First National Digital Currency Bank, N.A., and will operate as Circle National Trust. A national trust bank is chartered and supervised at the federal level by the OCC, rather than by a single state regulator. The approval places the infrastructure behind USD Coin (USDC) under federal banking supervision for the first time.
Circle applied for the charter in June 2025
Circle submitted its application to the OCC on 30 June 2025. The regulator issued a conditional approval in December 2025, about six months later. Friday's decision converts that conditional status into a full national trust charter. The step follows more than a year of review by the federal banking regulator.
The trust bank will offer digital asset custody first
When it opens, the trust bank will provide fiduciary digital asset custody services for Circle and its affiliates. Circle plans to extend the custody service to a limited number of institutional customers, depending on demand. The company has said it will focus on banks and other regulated financial institutions. Managing the reserves that back USDC is described as a future capability, not a service offered at launch.
USDC holds a market cap near $73 billion
USDC traded at about $1.00 at the time of publication, with a market capitalization near $73.29 billion (CoinPaprika, 10 July 2026). The token is designed to hold a steady one-dollar value, and its price stayed close to that peg through the announcement. That keeps USDC the second-largest U.S. dollar-pegged stablecoin, behind Tether's USDT. Federal oversight of custody gives the token a nationally chartered home as stablecoin issuers face growing regulatory scrutiny.
Other issuers are pursuing similar trust charters
Circle is among several crypto firms seeking national trust charters from the OCC. According to CoinDesk, BitGo, Ripple, Paxos, and Fidelity Digital Assets also received conditional approvals in December 2025, and Crypto.com secured an OCC license in February 2026. The charter model lets these firms hold digital assets under a single federal supervisor, rather than a patchwork of state licenses. The trend points to a widening path for crypto companies into the regulated U.S. banking system.
Circle frames the charter as a milestone
Circle shares rose in premarket trading after the announcement, according to Reuters. The company framed the charter as a step toward integrating digital assets into mainstream finance. Chief Executive Jeremy Allaire said federal oversight sets a new standard for the transparency, governance, and scale of Circle's infrastructure.
"OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.", 10 July 2026. — Jeremy Allaire, Co-Founder, Chairman and CEO, Circle
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