Circle · Donald Trump · Coinbase · Decrypt
Elizabeth Warren (D-MA) among lawmakers who’ve argued that the charters were improperly granted
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“Today is a historic day for Circle,” Circle CEO Jeremy Allaire said in a post on X.
Key facts
- Not long after the opening bell, shares of Circle changed hands 8.4% higher on the day at around $68.40, according to Yahoo Finance
- Circle said the OCC approval brings infrastructure underpinning its flagship $73.2 billion stablecoin, which is commonly used throughout the U.S., “into a proven federal banking framework designed to ensure safety, soundness, and transparency
- Late last month, more than 140 financial and technology firms—including the crypto exchange, Mastercard, and BlackRock—backed Open USD
- Elizabeth Warren (D-MA) among lawmakers who’ve argued that the charters were improperly granted
Summary
Circle secured final OCC approval to establish a national trust bank, shifting its $73.2 billion stablecoin to a unified federal framework. The milestone reflects a dramatic regulatory shift under the Trump administration that has cleared the way for several other firms. While Coinbase praised Circle's news, the exchange also recently backed a major new rival stablecoin dubbed Open USD. Circle has received final approval to establish a national trust bank from the U.S. Office of the Comptroller of the Currency, a move that’s set to shift the stablecoin issuer’s operations from a patchwork of state-by-state rules to a national framework. In an announcement on Friday, the company behind crypto’s second-largest stablecoin, USDC, described the OCC’s approval as a key regulatory milestone, expected to unlock new opportunities regarding safeguarding customer assets and managing reserves.