Circle National Trust, operating as First National Digital Currency Bank, received final OCC approval on July 10, 2026 and opened its doors on July 24. This federally chartered trust bank serves as a qualified custodian for cirBTC, Circle’s wrapped Bitcoin token backed 1:1 by native Bitcoin, allowing holders to access Ethereum-based DeFi protocols without selling their BTC. The bank holds underlying Bitcoin in segregated, bankruptcy-remote accounts, with transparency ensured through the Chainlink Proof of Reserve system. Circle filed its application on June 30, 2025, received conditional approval in December 2025, and secured final OCC approval in July 2026, representing roughly one year of regulatory process. This initiative marks the first US federal bank with an exclusive mission of cryptocurrency custody for decentralized finance users.
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