Circle (CRCL) received final approval Friday from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., which will operate under the name Circle National Trust. The bank will be subject to direct federal oversight by the OCC, the primary regulator for national banks and national trust banks. Circle initially applied to the OCC on June 30, 2025, and received conditional approval in December 2025, joining a wave of crypto service providers seeking national banking charters to operate digital asset custody services under federal supervision.
Circle National Trust Receives OCC Final Approval to Establish Federal Trust Bank
Upon opening, Circle National Trust will offer fiduciary digital asset custody services to Circle and its affiliates. The bank's OCC-approved business plan includes provisions to expand that scope. Depending on demand, the bank may eventually extend custody directly to a limited number of institutional customers, focusing on banks and other financial institutions.
The charter does not permit Circle to accept cash deposits or make loans, but it permits the firm to hold customer assets. Circle became the first company to receive a BitLicense from the New York Department of Financial Services in 2015, and holds licenses in the UK, Singapore, and Bermuda.
"Federal oversight of our trust bank sets a new standard for transparency, governance, and scale," said Jeremy Allaire, co-founder, chairman, and chief executive of Circle.
Initial Custody Focus with Future Institutional Expansion Plans
Circle National Trust will launch with fiduciary digital asset custody services for Circle and its affiliates. The OCC-approved business plan leaves room for future expansion to a limited number of institutional customers, specifically targeting banks and other financial institutions, depending on market demand.
USDC Reserve Management Designated as Future Capability
Circle initially applied to the OCC on June 30, 2025, with plans to oversee management of the USDC Reserve under federal supervision. However, management of the USDC Reserve is now planned as a future capability rather than something the bank will do at launch.
Under the terms of the conditional approval received in December 2025, USDC issuance is set to transfer to a New York limited-purpose trust company, not to the national trust bank.
Multiple Crypto Firms Pursue National Trust Charters Following Circle Application
Circle's June 2025 filing opened a wave of interest from crypto service providers. Ripple applied two days later, Paxos in August, Coinbase in October, and Crypto.com weeks after that. The queue widened through 2026 to include Trump-backed World Liberty Financial, Nomura-backed Laser Digital, Payoneer, Morgan Stanley, Zerohash, Charles Schwab, Citadel-backed EDX, Kraken parent Payward, and Catena Labs.
Conditional approval landed for Circle in December 2025, alongside Ripple, BitGo, Fidelity Digital Assets, and Paxos. Crypto.com and Coinbase have since won conditional approvals of their own. Stripe-owned Bridge secured one in February. Sony Bank cleared the conditional stage this week for a trust subsidiary, Connectia Trust, which plans to issue a dollar-backed stablecoin.
BitGo received full OCC approval in December. Anchorage Digital Bank had been the only crypto firm holding a national trust charter, granted in 2021.
Senator Elizabeth Warren has pushed back on the OCC's decision to grant national trust charters to companies she said do not qualify under the National Bank Act.
CRCL shares closed at roughly $63 on Thursday, according to The Block's crypto equities page.
FAQ
What did Circle receive approval for on Friday?
Circle received final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., which will operate under the name Circle National Trust and be subject to direct federal oversight by the OCC.
When did Circle initially apply for the OCC banking charter?
Circle initially applied to the OCC on June 30, 2025, and received conditional approval in December 2025 before receiving final approval Friday.
What services will Circle National Trust offer at launch?
Upon opening, Circle National Trust will offer fiduciary digital asset custody services to Circle and its affiliates, with potential future expansion to a limited number of institutional customers, focusing on banks and other financial institutions.
