Circle wins OCC approval to launch national trust bank for USDC custody

Circle has secured final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, allowing the USDC issuer to place digital-asset custody under direct federal supervision through First National Digital Currency Bank, N.A., which will operate as Circle National Trust. The bank will provide fiduciary custody services for digital assets held by Circle and its affiliates and, under the OCC-approved business plan, could later extend custody to a limited group of institutional clients including banks and regulated derivatives organizations. As a national trust bank, it will not take deposits or make loans. Circle said the charter also opens a path for the bank to manage the reserves backing USDC, a move that could bring that pool under federal supervision. Circle shares rose as much as 14% on the day of the announcement before settling to gains of about 5%. The approval follows Circle’s June 30, 2025 application and the OCC’s conditional approval in December 2025, and comes as the GENIUS Act, enacted in July 2025, moves toward implementation in early 2027 with requirements for OCC supervision of large stablecoin issuers.