OCC clears Circle to open national trust bank for USDC

The U.S. Office of the Comptroller of the Currency granted final approval for First National Digital Currency Bank, N.A., which will operate as Circle National Trust and provide federally regulated custody for parts of the USDC infrastructure.

The charter permits the trust bank to offer fiduciary digital-asset custody initially for Circle and its affiliates, and creates a pathway to provide custody directly to a limited number of institutional clients, including banks and other regulated financial institutions if demand warrants. The charter is structured to support potential future management of the USDC Reserve under federal supervision.

A national trust bank does not operate as a retail lender or accept consumer deposits in the ordinary way. It specializes in fiduciary duties, asset custody and trust services under OCC rules. For Circle, the trust charter places components of USDC within a federal banking framework and establishes regulated custody as a core function.

The OCC gave conditional approvals in December 2025 to a group of crypto-focused applicants; Circle is among the first of that group to progress from conditional approval to final authorization and to reach the operational stage under the regulator’s supervision.

Jeremy Allaire described the approval as “a defining step in bringing blockchain infrastructure into the U.S. financial system,” and added that federal oversight would provide “greater transparency, governance, and confidence for institutions building on public blockchains.”

With final authorization in hand, Circle must complete its operational setup and meet ongoing compliance requirements before offering full services to outside clients. Once operational, the bank will be subject to continuous OCC supervision and the trust banking rules that apply across the U.S. banking system.