Circle received final approval from the Office of the Comptroller of the Currency to establish a national trust bank chartered as First National Digital Currency Bank, N.A., operating under the name Circle National Trust. The new entity will provide fiduciary digital asset custody services for Circle and its affiliates, with plans to eventually manage the reserves backing USDC—the second-largest stablecoin with approximately $73 billion in circulating supply as of July 9. The charter places Circle National Trust under direct OCC supervision and positions the company within the GENIUS Act framework, whose requirements take effect on January 18, 2027. Other crypto firms including Ripple, Coinbase, Paxos, BitGo, Fidelity and Crypto.com have also received conditional OCC approvals for similar trust bank charters.
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