- Circle secured final OCC approval to launch First National Digital Currency Bank as Circle National Trust.
- The new national trust bank will provide federally regulated digital asset custody under direct OCC supervision.
- Circle said future plans include managing USDC reserves and expanding custody services for institutional clients.
Circle has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., which will operate as Circle National Trust. According to Circle, the approval places the new national trust bank under direct OCC oversight and expands USDC infrastructure through federally regulated digital asset custody, while reserve management remains a planned future capability.
OCC Charter Expands Federal Oversight
According to Circle, the OCC approved the national trust bank charter after the company submitted its application on June 30, 2025. The regulator later granted conditional approval in December 2025 before issuing the final authorization.
The new institution will operate under the name Circle National Trust. Notably, the OCC will directly supervise the bank as the primary regulator for national banks and national trust banks.
According to Circle, the charter strengthens USDC infrastructure by introducing federally regulated custody services. Additionally, the business plan includes future authority to manage the USDC Reserve under federal oversight.
Custody Services Come First
Upon opening, Circle National Trust will provide fiduciary digital asset custody services for Circle and its affiliates. However, the approved business plan also outlines possible future services for institutional clients.
According to the filing, the bank could later offer custody services to a limited number of banks and other financial institutions. The plan also mentions regulated derivatives organizations as potential customers, depending on market demand.
Jeremy Allaire, Circle’s co-founder, chairman, and chief executive officer, said federal oversight establishes a framework focused on transparency, governance, and operational scale. He added that the approval gives financial institutions greater clarity when building on public blockchains.
Regulatory Milestones Continue
The latest approval adds to Circle’s existing regulatory record across several jurisdictions. According to the company, it became the first business to receive a BitLicense from the New York Department of Financial Services in 2015.
Later, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework during 2024. The company also holds licenses in the United Kingdom, Singapore, and Bermuda, meets Canadian Value-Referenced Crypto Asset requirements, and secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority in 2025.
