Circle Internet Group Seeks National Trust Bank License in US

Circle Internet Group Inc., a prominent stablecoin issuer, has submitted an application for a national trust bank license in the United States with the Office of the Comptroller of the Currency (OCC). This move follows the company's successful initial public offering (IPO) that valued the company at nearly $18 billion. The application, announced on June 30, 2025, aims to establish First National Digital Currency Bank, N.A., a federally regulated trust institution. If approved, the bank would manage the USDC Reserve on behalf of Circle’s U.S. issuer and offer digital asset custody services to institutional customers.

The national trust bank charter would enable Circle to act as a custodian for its own reserves and hold digital assets on behalf of institutional customers. This strategic move is part of Circle's broader goal to build an internet financial system that is transparent, efficient, and accessible. Circle’s Co-Founder, Chairman, and CEO, Jeremy Allaire, stated that establishing a national digital currency trust bank marks a significant milestone in achieving this goal. He added that the move would strengthen USDC infrastructure and align with emerging U.S. regulations for dollar-denominated payment stablecoins.

The potential implications of this application extend beyond the U.S. borders, particularly to regions where stablecoins are increasingly being explored for various use cases. A federally regulated trust charter in the U.S. could boost global confidence in USDC, fostering wider adoption of stablecoins for cross-border payments, remittances, and as a hedge against local currency volatility. This increased legitimacy could trickle down to other markets, encouraging greater participation from traditional financial institutions in the digital asset space.

Circle's proactive engagement with regulators, as evidenced by their pursuit of this charter and compliance with regulations like the EU’s MiCA, may influence regulatory frameworks in other regions. Regulators might look to these examples as they develop their own approaches to digital assets. The creation of First National Digital Currency Bank, N.A. could lead to more robust and reliable infrastructure for stablecoin transactions, benefiting businesses that rely on efficient and cost-effective payment solutions for international trade.

The proposed bank will offer digital asset custody services to institutional customers, potentially unlocking new opportunities for collaboration and investment in fintech ventures. The GENIUS Act legislation, which Allaire referenced, represents a step forward in integrating digital assets into the broader U.S. financial system. As the U.S. develops clearer regulatory pathways, other nations might find models to adapt for their unique economic contexts.

Circle has a track record of securing key licenses and authorizations globally, including the first NYDFS BitLicense in 2015 and compliance with the EU’s MiCA framework in 2024. In April 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider. The outcome of Circle’s application with the OCC will be closely watched by the global fintech community, as it could set a precedent for the future of stablecoin regulation and adoption.