Circle Receives Approval to Establish U.S. Trust Bank for Crypto Services
Circle has obtained final approval from the U.S. Office of the Comptroller of the Currency to create Circle National Trust, a federally supervised national trust bank. This step signifies a major advancement for the integration of crypto assets into the regulated financial system, as reported by CoinDesk.
On July 10, 2026, Circle announced that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, a federally regulated national trust bank. This new entity will initially focus on providing fiduciary digital asset custody services for Circle and its affiliates, with plans to eventually extend these services to select institutional clients, such as banks and other regulated financial firms.
The establishment of Circle National Trust reflects a growing trend among crypto companies seeking to operate within the regulated financial system. Circle's CEO, Jeremy Allaire, emphasized the importance of this approval, stating, "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system." This move may also pave the way for Circle to manage reserves backing its USDC stablecoin under OCC oversight.
Circle's USDC is currently the second-largest U.S. dollar-pegged stablecoin, with approximately $73.2 billion in circulation, trailing behind Tether’s USDT, which has around $184.1 billion. National trust banks, such as Circle National Trust, are authorized to provide custody and fiduciary services, distinguishing them from traditional banks that accept deposits and issue loans.
The approval comes at a time when other crypto firms, like Kraken and Crypto.com, are also seeking federal charters and licenses to enhance their operations. In recent months, several notable players, including BitGo and Paxos, have received similar conditional approvals from the OCC, indicating a broader acceptance of cryptocurrency services within the U.S. financial framework.
As Circle prepares to launch its national trust bank, its approach to fiduciary digital asset custody may set new industry standards for transparency and governance. Stakeholders will continue to monitor how Circle's operations evolve under federal oversight and what it means for the future of stablecoins and their role in the financial ecosystem.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jul 10, 2026. SolanaWire does not republish source content.
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