Circle gets OCC trust bank charter, shares surge 14% in premarket

• Stablecoin issuer Circle surged in premarket trading after the U.S. Office of the Comptroller of the Currency (OCC) granted it approval to operate as a trust bank.
• The approval enables Circle to directly manage reserves for its regulated stablecoins, primarily USDC.
• The move reflects a broader industry trend of crypto companies transitioning from financial applications to financial infrastructure.

Jeremy Allaire, CEO and co-founder of Circle Internet Group, and co-founder Sean Neville react as they ring the opening bell on the day of the company's IPO in New York City, U.S., June 5, 2025. NYSE

Stablecoin issuer Circle surged in premarket trading after the U.S. Office of the Comptroller of the Currency (OCC) granted it approval Friday to operate as a trust bank, the company announced.

Shares of the company gained more than 14%.

The approval allows Circle to directly manage reserves for its regulated stablecoins, primarily the USDC stablecoin, which has more than $73 billion in circulation. The new bank will operate under the name Circle National Trust. Previously, Circle relied on third-party banks and custodians to hold the cash and Treasury assets backing USDC.

The charter does not authorize Circle to operate as a commercial bank that takes deposits and makes loans.

The news reflects a broader trend in the crypto industry, where companies are shifting from financial applications to financial infrastructure. Recent OCC actions have included approvals or applications from Coinbase, BitGo, Fidelity Digital Assets, Ripple, and Paxos, underscoring the race to control more of the regulated financial stack.

Additionally, the charter gives Circle a national bank regulator, rather than being subject to state-based regulation — a significant pain point for fast-paced startups operating in the heavily regulated financial services industry. Instead of a single rulebook, companies often face 50 slightly different sets of regulations, which can slow growth and increase costs.

The stablecoin race has intensified after Washington nearly a year ago brought greater regulatory clarity to digital assets with the GENIUS Act, which established a federal framework for payment stablecoins.

As a result, traditional financial firms are increasingly seeking to issue their own stablecoins — presenting a growing competitive challenge for USDC — because they can capture payment flows, deepen customer relationships, and build financial services on top of programmable digital dollars rather than relying on third-party issuers like Circle.

Circle's OCC charter reinforces its appeal as regulated infrastructure for institutional customers.

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