Circle Internet Group, the issuer of the USDC stablecoin, has officially applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank named First National Digital Currency Bank, N.A. If approved, this federally regulated trust institution would oversee the management of USDC reserves on behalf of Circle’s U.S. issuer and provide digital asset custody services to institutional clients.
This strategic move aims to enhance the infrastructure supporting USDC—the world’s largest regulated payment stablecoin—and aligns with anticipated regulatory requirements under the proposed GENIUS Act, which seeks to integrate digital assets more fully into the U.S. financial system. Unlike traditional banks, the new trust bank would not accept deposits or offer loans but focus on custody and reserve management.
Circle’s CEO Jeremy Allaire emphasized that establishing this national digital currency trust bank represents a significant milestone toward building a transparent, efficient, and accessible internet financial system. The initiative also intends to support the resilience and wider adoption of the U.S. dollar through regulated stablecoins.
Currently, Circle’s USDC reserves are managed by BlackRock and BNY Mellon, but the formation of its own trust bank would allow Circle to take direct custody while maintaining partnerships with major banks for parts of its holdings. The bank would also focus on custody for tokenized stocks and bonds rather than volatile cryptocurrencies like Bitcoin or Ether.
This development follows Circle’s recent blockbuster IPO, which valued the company at nearly $18 billion, and comes amid growing legislative momentum in the U.S. to regulate stablecoins with requirements for liquid asset backing and monthly reserve disclosures. If approved, Circle would join Anchorage Digital as one of the few digital asset firms holding a national trust bank charter.
