Circle applies for national trust bank status
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The company has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish the new trust institution, which will operate under the name First National Digital Currency Bank, N.A.
If the charter is approved, it would enable Circle to act as a custodian for its own reserves and hold crypto assets, such as tokenized stocks and bonds, on behalf of institutional clients. Currently, Circle's reserves are held in custody at BNY and managed by BlackRock.
Circle co-founder, chairman and CEO Jeremy Allaire, states: 'By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging US regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the US dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on.'
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