Circle, the Issuer of USDC, Receives Final Approval to Establish a Trust Bank

Final Approval Obtained

On the 10th, Circle, a leading issuer of stablecoins, announced that it has received final approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The bank will officially operate under the name 'First National Digital Currency Bank', and will be managed as 'Circle National Trust'.

A national trust bank, supervised by the OCC, is a federally regulated trust institution responsible for the custody and fiduciary services of customer assets. Unlike typical commercial banks, it does not accept cash deposits or...