Circle Secures Final OCC Approval to Launch National Trust Bank

Circle Internet Group has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, which will operate under the name Circle National Trust. The approval marks a significant regulatory achievement for the company and places the new entity under direct federal oversight, the same regulatory framework that governs traditional national banks and trust banks.

Bringing Federal Oversight to Digital Asset Custody

The new trust bank will provide fiduciary digital asset custody services for Circle and its affiliated companies. According to its OCC approved business plan, the bank may eventually expand its custody services to select institutional clients, particularly banks and regulated financial organizations, depending on future demand. The charter also lays the groundwork for potential future oversight of USDC reserve management under federal regulation.

Executive Reaction

Circle co-founder, chairman and CEO Jeremy Allaire called the approval a defining step in integrating blockchain technology into the core of the U.S. financial system. He said federal oversight of the trust bank sets a new benchmark for transparency and governance as financial institutions increasingly build on public blockchain infrastructure.

Part of a Long Regulatory Track Record

Circle first applied for the OCC charter in June 2025 and received conditional approval in December of that year. The company has built a long history of regulatory engagement, having secured one of the earliest BitLicenses in New York back in 2015. Circle has also aligned with the European Union’s crypto asset regulations, holds licenses in the UK, Singapore and Bermuda, meets Canadian digital asset requirements, and obtained a license from Abu Dhabi’s financial regulator in 2025.

With this approval, Circle National Trust is positioned to support USDC’s function as a federally regulated digital dollar used for payments, settlement and capital markets activity, reinforcing the broader role of the U.S. dollar in a digital economy.