Overview

• Circle filed to establish First National Digital Currency Bank, N.A., seeking a national trust charter from the Office of the Comptroller of the Currency.
• If approved, the charter would allow Circle to directly custody USDC reserves and offer blockchain-based asset custody for institutions without accepting deposits or issuing loans.
• The move aligns with the Senate-passed GENIUS Act, which would impose federal rules requiring stablecoins to be backed by liquid assets and disclose reserve compositions.
• Circle’s stock has climbed over 160% since its June 5 IPO, and it now faces divergent Wall Street forecasts with price targets ranging from $80 to above $200.
• USD Coin is fully backed by short-term U.S. Treasury bills, cash and repurchase agreements, with reserves managed through firms such as BlackRock and BNY Mellon.