Circle Internet Group, Inc. has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, known as First National Digital Currency Bank, N.A. This decision marks a significant milestone in Circle’s compliance with the Global Electronic Network for Inclusive and Universal Solutions (GENIUS) Act.
Approval Milestone for Circle’s National Trust Charter
On December 12, 2025, the OCC’s conditional approval paves the way for First National Digital Currency Bank, which will operate under federal regulation. This bank aims to manage the USDC Reserve on behalf of Circle’s U.S. financial issuer.
Strengthening USDC Infrastructure
This development enhances the safety and regulatory oversight surrounding the world’s largest regulated stablecoin, USDC. It also allows Circle to offer fiduciary digital asset custody and related services to institutional clients.
Commitment to Regulatory Standards
Jeremy Allaire, Co-Founder and CEO of Circle, stated that this charter underlines the company’s dedication to compliance and the establishment of robust digital financial infrastructure. He emphasized the importance of creating confidence for global institutions to engage with Circle’s platform.
Background on Circle’s Regulatory Pursuits
Circle submitted its application to the OCC on June 30, 2025. The company has a rich history of pursuing clear regulatory paths worldwide:
- In 2015, Circle became the first recipient of a BitLicense from the New York Department of Financial Services (NYDFS).
- In 2024, it was the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA).
- Circle holds various e-money and payment licenses in the UK, Singapore, and Bermuda.
- The company also became the first global stablecoin to meet Canada’s Value-Referenced Crypto Asset requirements.
- In 2025, Circle was licensed by the Abu Dhabi Global Market’s Financial Services Regulatory Authority as a money services provider.
As Circle progresses towards full approval, the establishment of the First National Digital Currency Bank will align its U.S. operations with international standards, further solidifying its role in the digital financial landscape.
