Circle receives OCC approval to establish national trust bank, advancing USDC compliance

Moriah Costa Mon, July 13, 2026 at 8:07 AM PDT 3 min read

If you can't beat 'em, join 'em. Cryptocurrency giants are looking to join their rivals as regulated banking entities.

As crypto becomes more mainstream, companies are seeking ways to become regulated and obtain licensing. Several have already received preliminary approval or are pursuing licenses and charters. Now, a major player in the crypto space has officially received a national trust bank charter, marking a new era.

Crypto Goes Mainstream

Several crypto and fintech companies have been eyeing bank status for a while as they seek to become more mainstream, according to Bloomberg.

The number of applications has increased during U.S. President Donald Trump's second term, with more national trust bank charter applications made in the past six months than in the previous four years combined, Fintech Futures found.

Crypto Companies That Are Becoming Banks

• Ripple received conditional approval to become a bank in January, according to Global Finance Magazine.
• Crypto.com received a license to operate as a crypto custodian bank in February, CoinDesk reported.
• Kraken is also seeking to become regulated and is pursuing a banking license in Europe, per CoinDesk.
• Protego has received preliminary approval for its charter, a review of government documents shows.

Most crypto companies that have applied to become banks have received national trust bank charters.

These charters differ from the banking license that a local bank might hold. A national trust bank cannot take deposits or issue loans, and it typically does not have FDIC insurance. As a result, national trust banks are not regulated by the Federal Reserve in the same way as full-service banks like Wells Fargo or JPMorgan Chase.

However, a national trust bank can safeguard assets (such as crypto), act on behalf of clients in payment transactions, and settle transactions, according to Congressional records.

Now, crypto giant Circle is one of the latest fintechs to obtain a national trust bank charter.

Circle got its wish granted to become a U.S. regulated bank. Getty Images

Approval in Line with Government's Objectives to Regulate Crypto

Circle received approval from the U.S. Office of the Comptroller of the Currency (OCC) on July 10, the company announced.

The national trust bank will be called First National Digital Currency Bank, while the bank itself will operate under the name Circle National Trust.

"OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," said Jeremy Allaire, co-founder, chairman, and CEO of Circle.

Circle is best known for USDC, a stablecoin pegged to the U.S. dollar.

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The bank charter will provide Circle with a platform for digital asset custody and could eventually allow it to offer custody services directly to institutional investors, such as banks. The charter will also enable Circle to manage the USDC reserve, bringing it under federal oversight.

The approval aligns with the GENIUS Act.