Establishment of a national trust bank approved! Circle (CRCL.US) enters the U.S. federal regulatory system, with stock prices soaring in pre-market trading.

The Office of the Comptroller of the Currency (OCC) has officially approved the establishment of a national trust bank, Circle National Trust, by the issuer of the USDC stablecoin, Circle Internet Group (CRCL.US). In response to this news, the stock price surged by 16% in pre-trading hours on Friday, and by 12% at the time of writing. This approval means that the trust bank will fall under the direct federal regulatory framework of the OCC, and is expected to further strengthen the infrastructure supporting USDC through federally regulated digital asset custody arrangements. Reserve management capabilities are listed as a future capability to be expanded. As a federally regulated national trust bank, Circle National Trust will connect digital asset infrastructure with the federal trust banking system - the latter has long safeguarded client assets under strict trust standards. This move will bring USDC infrastructure under a validated federal banking regulatory framework, ensuring security, stability, and transparency. Upon official operation, Circle National Trust will initially provide digital asset custody services to Circle and its affiliates. According to the approved business plan by the OCC, "as needed, the national trust bank may in the future directly provide digital asset custody services to a limited number of institutional clients, mainly targeting banks and other Financial Institutions, Inc., such as regulated derivative institutions." The license also reserves space for future expansion of reserve management and other functions - if USDC reserves fall under federal regulation, it will further enhance the security, transparency, and credibility of USDC. Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said: "The approval of Circle National Trust by the OCC marks a decisive step in integrating blockchain technology and digital assets into the core of the American Financial Group, Inc. Federal oversight of our trust bank establishes new standards of transparency, governance, and scale for Circle's infrastructure and opens a new chapter in institutions' adoption - leading Financial Institutions, Inc. will be able to embrace public blockchain with clarity and confidence." The company stated in the announcement that as a national trust bank holding an OCC license, Circle National Trust will further solidify its role as a federally regulated trusted infrastructure for USDC, serving payments, settlements, and capital market activities, and supporting the international status of the US dollar in an increasingly digital global economy. Circle submitted its application to the OCC on June 30, 2025, and received conditional approval in December 2025, continuing its consistent regulatory engagement strategy. In 2015, Circle became the first company to obtain the BitLicense from the New York State Department of Financial Services and has continued to cooperate with leading state-level digital asset regulatory agencies in the United States. In 2024, Circle became the first global stablecoin issuer to comply with the European Union's Markets in Crypto-assets Regulation (MiCA). In addition, Circle holds licenses in the UK, Singapore, and Bermuda, and has met the requirements of the Canadian value-referenced crypto asset. In 2025, Circle also obtained a license from the Abu Dhabi Global Market Financial Services Regulatory Authority. Circle, an internet financial platform company, is committed to building an open and inclusive economic foundation through digital assets, payment applications, and programmable blockchain infrastructure. The Circle platform includes the world's largest regulated stablecoin network USDC, the global money flow network Circle Payments Network, and the blockchain platform Arc for enterprises - aimed at creating the "economic operating system" of the internet. Enterprises, Financial Institutions, Inc., and developers utilize Circle to drive trusted, internet-scale financial innovation.