Circle has received final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. The approval, finalized on July 11, grants the company the charter to operate within the U.S. banking system. Under this specific charter, the bank is prohibited from taking ordinary deposits or issuing loans.
Circle secured a federal trust bank charter from the OCC, prompting industry warnings that regulated stablecoins could displace $500 billion in traditional bank deposits.
Read the full storyCircle has received final approval for a US national trust bank charter, a strategic move to bring USDC reserve management under a regulated banking umbrella.
The USDC issuer secured final regulatory clearance from the OCC, marking a pivotal step in integrating stablecoins with the traditional US banking system.