{"id":13601,"date":"2025-07-01T05:36:46","date_gmt":"2025-07-01T03:36:46","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=13601"},"modified":"2025-07-01T05:36:46","modified_gmt":"2025-07-01T03:36:46","slug":"circle-announces-plans-to-launch-national-trust-bank","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/01\/circle-announces-plans-to-launch-national-trust-bank\/","title":{"rendered":"Circle Announces Plans to Launch National Trust Bank"},"content":{"rendered":"<p><\/p>\n<div data-v-29071afa=\"\">\n<p>Stablecoin creator Circle has submitted a request to create a national trust bank in the United States which, among other responsibilities, would manage the firm\u2019s USDC reserves for its US issuer. <\/p>\n<p>If the submission receives the green light from the US Office of the Comptroller of the Currency (OCC), Circle\u2019s First National Digital Currency Bank would be permitted to function as a federally supervised trust entity, Circle <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.businesswire.com\/news\/home\/20250630375069\/en\/Circle-Applies-for-National-Trust-Charter\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">mentioned<\/a> in a declaration on Monday.<\/p>\n<p>Circle&#8217;s Digital Bank also aims to enhance the framework that \u201cfacilitates the issuance and distribution\u201d of USDC (<a href=\"https:\/\/cointelegraph.com\/usdc-price-index\" rel=\"\" target=\"_self\" title=\"https:\/\/cointelegraph.com\/usdc-price-index\">USDC<\/a>) and provide <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/explained\/various-forms-of-bitcoin-custody-explained\" title=\"null\">digital asset custody services<\/a> to institutional clients, the stablecoin creator further noted. <\/p>\n<figure><figcaption style=\"text-align: center;\"><em>Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/jerallaire\/status\/1939781323117228543\" rel=\"https:\/\/x.com\/jerallaire\/status\/1939781323117228543\" target=\"https:\/\/x.com\/jerallaire\/status\/1939781323117228543\" title=\"https:\/\/x.com\/jerallaire\/status\/1939781323117228543\"><em>Jeremy Allaire<\/em><\/a><\/figcaption><\/figure>\n<p>National Trust Banks are not permitted to accept cash deposits or extend loans. Nonetheless, they can provide custodial services and operate on a national scale under the oversight of the OCC, eliminating the need to secure individual state-based money transmission licenses or particular digital currency permits, <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2024\/11\/why-fintechs-should-consider-national-trust-banks\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">as stated<\/a> by the law firm Davis Wright Tremaine. <\/p>\n<h2>GENIUS Act compliance <\/h2>\n<p>Circle indicated that a federally regulated trust charter would also aid in fulfilling requirements under the proposed GENIUS Act, which <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/us-senate-passes-genius-act-stablecoins\" title=\"null\">was passed by the US Senate on June 17<\/a> and has moved on to the House of Representatives, where it will undergo another vote before potentially becoming legislation. <\/p>\n<p>Circle\u2019s co-founder and CEO Jeremy Allaire commented that Circle is taking \u201cproactive measures to further fortify our USDC infrastructure\u201d and \u201cconform to emerging US regulations for the issuance and functioning of dollar-pegged payment stablecoins.\u201d <\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2040516\" data-buzzsprout-episode-id=\"17214625\"\/><\/p>\n<p>Applications for National Trust Banks to the OCC are subject to a 30-day commentary period, and the regulator typically <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.occ.gov\/publications-and-resources\/publications\/comptrollers-licensing-manual\/files\/charters.pdf\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">decides<\/a> to permit or reject within 120 days of receiving a complete application. <\/p>\n<h2>Other crypto companies also pursuing bank charters<\/h2>\n<p>Circle is not the sole crypto organization looking to establish a national trust bank regulated by the OCC. <\/p>\n<p>Eleanor Terrett, host of the <em>Crypto in America<\/em> podcast, <a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/eleanorterrett\/status\/1939808863064105004?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">stated<\/a> in a post on X that multiple <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/crypto-firms-moving-into-wall-street-growing-synergy\" title=\"null\">other crypto firms<\/a>, including the digital currency segment of major financial services company Fidelity, are applying for a national bank charter from the OCC.<\/p>\n<p>Circle has been contemplating a bank charter since at least 2022 and was also referenced in The Wall Street Journal <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/circle-bit-go-about-to-apply-for-bank-charter-others-may-follow\" title=\"null\">article on April 21 as one of multiple crypto firms<\/a> thinking about applying for a bank charter or license.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/circle-stock-becomes-largest-vaneck-digital-asset-index\" title=\"null\"><em><strong>Circle stock becomes the largest part of VanEck\u2019s digital asset index<\/strong><\/em><\/a><\/p>\n<p>Anchorage Trust Company was the <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/anchorage-gets-occ-s-first-national-charter-to-a-crypto-bank\" title=\"null\">first crypto firm to obtain a license<\/a> from the OCC in January 2021, transitioning to Anchorage Digital Bank. <\/p>\n<h2>Circle\u2019s stock remains steady<\/h2>\n<p>Circle Internet Group (CRCL) shares have shown little change in the latest trading session, increasing 0.48% to $181, according to Google Finance data <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE?hl=en\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">indicates<\/a>. In after-hours trading, the stock fell 1.30% to $178. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-07\/0197c3c3-fd1a-7238-8dcc-0f6215ef3b65\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Circle\u2019s stock price remained stable during the last trading session. Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE?hl=en\" rel=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE?hl=en\" target=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE?hl=en\" title=\"https:\/\/www.google.com\/finance\/quote\/CRCL:NYSE?hl=en\"><em>Google Finance\u00a0<\/em><\/a><\/figcaption><\/figure>\n<p>After its public listing, Circle stock <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/circle-stock-price-jumps-167-in-first-day-of-trading-after-ipo\" title=\"null\">made a notable debut in the market<\/a> on June 5, soaring 167% in its initial trading session on the New York Stock Exchange. <\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/genius-stablecoin-bill-opens-door-for-big-tech-stablecoin\/\" title=\"null\"><em><strong>GENIUS Act reopens possibilities for a Meta stablecoin, but is its success ensured?<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" label=\"Subscription Form: Markets Outlook\"\/><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/circle-applies-for-us-national-trust-bank-license?utm_source=rss_feed&#038;utm_medium=rss_tag_regulation&#038;utm_campaign=rss_partner_inbound\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin creator Circle has submitted a request to create a national trust bank in the United States which, among other responsibilities, would manage the firm\u2019s USDC reserves for its US issuer. If the submission receives the green light from the US Office of the Comptroller of the Currency (OCC), Circle\u2019s First National Digital Currency Bank<\/p>\n","protected":false},"author":3,"featured_media":13602,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[2878],"class_list":["post-13601","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-circle-applies-to-launch-national-trust-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Circle Announces Plans to Launch National Trust Bank - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/01\/circle-announces-plans-to-launch-national-trust-bank\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circle Announces Plans to Launch National Trust Bank - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Stablecoin creator Circle has submitted a request to create a national trust bank in the United States which, among other responsibilities, would manage the firm\u2019s USDC reserves for its US issuer. 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