Circle applies for a national trust bank charter to manage USDC reserves

Circle Internet Group the issuer of the USDC stablecoin, has formally applied for a national trust bank charter from the U.S. Office of the Comptroller of the Currency.


The move was made public via a June 30 press release by Circle Internet Group. If approved, the new entity, First National Digital Currency Bank, N.A., would be authorized to manage the reserves backing USD Coin USDC
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USDC and offer digital asset custody services to institutional clients under federal oversight.