Circle rallies after securing U.S. trust bank approval in crypto expansion
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Circle ( CRCL ), the issuer of the world's second largest stablecoin USDC, received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
Key facts
- UPDATE (July 10, 12:43 UTC): Adding that BitGo received full unconditional OCC approval immediately after the initial conditional authorization
- Circle’s USDC is the second-largest U.S. dollar-pegged stablecoin with about $73.2 billion in circulation
- Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs
- 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," Circle CEO Jeremy Allaire said
Summary
Circle, issuer of the USDC stablecoin, has received final approval from the U.S. Office of the Comptroller of the Currency to establish a federally supervised national trust bank. The new entity, Circle National Trust, will initially provide fiduciary digital asset custody services for Circle and its affiliates, with potential expansion to select institutional clients such as banks and other regulated financial firms. National trust banks are authorized to provide users with custody and fiduciary services but do not accept consumer deposits or make loans like traditional commercial banks. "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," Circle CEO Jeremy Allaire said Friday announcing the milestone.