Circle Internet Group, Inc. (NYSE: CRCL) has announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. This development marks a significant step toward compliance with the GENIUS Act and aims to enhance the infrastructure supporting USDC, the world’s largest regulated stablecoin.

Once fully approved, the First National Digital Currency Bank will operate as a federally regulated trust bank under OCC oversight. It will manage the USDC Reserve on behalf of Circle’s U.S. issuer. The conditional approval is a crucial milestone in Circle’s efforts to strengthen its USDC infrastructure and meet the requirements of the GENIUS Act, which became law in July 2025.

Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, stated, “Establishing a national digital currency trust bank of this kind deepens Circle’s longstanding commitment to the highest standards of trust and compliance.” He emphasized the importance of operating under rigorous regulatory oversight and building infrastructure that integrates digital dollars like USDC into global finance.

Enhancing Regulatory Oversight and Global Alignment

As a national trust bank, Circle’s First National Digital Currency Bank will enhance the safety and regulatory oversight of the USDC Reserve. It will also enable Circle to offer fiduciary digital asset custody and related services to institutional customers. The charter will help Circle align its U.S. operations with global regulatory standards for stablecoins and digital financial infrastructure.

Circle submitted its application to the OCC on June 30, 2025. The OCC’s conditional approval builds on Circle’s history of pursuing clear regulatory pathways worldwide. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services (NYDFS). In 2024, it complied with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

Circle has also obtained various e-money and payments licenses in the UK, Singapore, and Bermuda. It was the first global stablecoin to meet Canada’s Value-Referenced Crypto Asset requirements and received a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority in 2025.

For more details, the announcement can be found here.

Why This Matters: Impact, Industry Trends & Expert Insights

Circle’s conditional approval to establish a national trust bank marks a pivotal step in enhancing the regulatory framework and operational robustness of USDC, aligning with the GENIUS Act’s requirements.

Recent industry reports indicate that regulatory advancements, such as the GENIUS Act, are significantly boosting institutional confidence in stablecoins. This aligns with Circle’s strategic move to secure a national trust bank charter, which enhances compliance and operational integrity.

A FinTech Weekly report highlights the strategic importance of Circle’s application as it streamlines compliance amid evolving stablecoin regulations, positioning the company competitively. This supports Circle’s efforts to fortify its USDC infrastructure under stringent regulatory oversight.

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