Overview
- Circle, which received final OCC approval on Friday, July 10, 2026, will charter First National Digital Currency Bank, N.A. to operate as Circle National Trust.
- The new trust bank will start by providing fiduciary digital-asset custody for Circle and its affiliates and may later offer custody to a limited set of institutional clients.
- The OCC charter puts the bank under direct federal supervision and creates a pathway for the bank to manage the reserves backing USDC in the future, though Circle has not committed to moving reserve management now.
- Investors reacted strongly to the approval with Circle shares jumping roughly 10–14% in premarket trading as reports emphasized the move toward federally regulated custody for about $73 billion of USDC.
- The approval follows a December 2025 conditional OK and fits a broader push by crypto firms for national trust charters, a shift that could expand institutional use of stablecoins while drawing criticism from some banking groups and lawmakers.