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<ul>
 <li>Circle secured final OCC approval to launch its federally supervised national trust bank focused on digital asset custody services initially.</li>
 <li>The charter excludes deposits and lending while leaving room for future institutional custody expansion and later USDC reserve oversight capabilities.</li>
 <li>Circle’s approval joins broader OCC charter momentum as Ripple Coinbase Crypto.com and other firms pursue regulated trust banking opportunities.</li>
</ul>
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Circle’s push into federally regulated banking has reached a major milestone with final approval to establish a national digital currency trust bank. The company <a href="https://www.circle.com/pressroom/circle-receives-final-occ-approval-to-establish-national-trust-bank" rel="noopener noreferrer nofollow">announced</a> on Friday that the Office of the Comptroller of the Currency approved its application to establish First National Digital Currency Bank, N.A. The institution will operate as Circle National Trust under direct federal supervision by the OCC. 
Jeremy Allaire, Circle’s co-founder, chairman, and chief executive officer, said the approval strengthens the company’s regulatory foundation. According to Allaire, federal oversight sets a higher standard for transparency, governance, and long-term growth across its trust banking operations. 
Initially, Circle National Trust will provide fiduciary digital asset custody services for Circle and its affiliated businesses. Additionally, the OCC-approved business plan allows the institution to expand those services if demand grows. Under that framework, the bank could later serve a limited number of institutional customers, including banks and other financial institutions. 
Also Read: <a href="https://36crypto.com/xrp-price-risks-slide-to-1-04-as-analyst-flags-bearish-chart-formation/" rel="noopener noreferrer nofollow">XRP Price Risks Slide to $1.04 as Analyst Flags Bearish Chart Formation</a> 
<h2 id="strong-custody-launches-first-as-circle-keeps-reserve-plans-separate-strong">Custody launches first as Circle keeps reserve plans separate</h2>
Circle submitted its national trust charter application on June 30, 2025. At the time, the company expected the bank to oversee management of the USDC Reserve under federal supervision. However, that responsibility has shifted to a future phase instead of the bank’s initial rollout. 
Instead, Circle National Trust will begin <a href="https://36crypto.com/circle-faces-criminal-complaint-as-wisconsin-challenges-usdc-recovery-process/" rel="noopener noreferrer nofollow">operations</a> as a custody-focused institution. The charter allows the bank to safeguard customer assets through fiduciary services. However, it does not authorize the institution to accept cash deposits or issue loans. 
Moreover, USDC issuance will remain with a New York limited-purpose trust company under the conditions attached to Circle’s conditional approval. That arrangement keeps stablecoin issuance separate while the trust bank focuses on custody services. 
<h2 id="strong-more-crypto-firms-line-up-for-national-trust-charters-strong">More crypto firms line up for national trust charters</h2>
Circle received conditional OCC approval in December 2025 alongside Ripple, BitGo, Fidelity Digital Assets, and Paxos. Since then, BitGo has secured full approval, while Anchorage Digital Bank remains one of the few crypto companies holding a national trust charter since 2021. 
Circle’s application also encouraged other digital asset companies to seek similar approvals. Ripple filed two days later, followed by Paxos in August, Coinbase in October, and Crypto.com several weeks later. 
The list expanded throughout 2026 to include <a href="https://36crypto.com/world-liberty-financial-partners-with-pakistan-to-revolutionize-cross-border-payments/" rel="noopener noreferrer nofollow">World Liberty Financial</a>, Laser Digital, Payoneer, Morgan Stanley, Zerohash, Charles Schwab, EDX, Kraken parent Payward, and Catena Labs. Besides, Stripe-owned Bridge secured conditional approval in February, while Sony Bank recently cleared the same stage for Connectia Trust, which plans to issue a dollar-backed stablecoin. 
<h2 id="strong-regulatory-scrutiny-extends-beyond-circle-strong">Regulatory scrutiny extends beyond Circle</h2>
Senator Elizabeth Warren has criticized the OCC’s decision to issue national trust charters to several crypto companies. She argued that some applicants may not meet the requirements outlined in the National Bank Act. 
Circle also maintains regulatory licenses in the United Kingdom, Singapore, and Bermuda. Moreover, the company became the first business to receive a BitLicense from the New York Department of Financial Services in 2015. 
<h2 id="strong-conclusion-strong">Conclusion</h2>
Circle’s final OCC approval strengthens its position within the regulated U.S. financial system. Although custody services will launch first, the charter also creates a path for broader institutional offerings as the company’s trust banking operations expand. 
Also Read: <a href="https://36crypto.com/doj-alleges-convicted-fraudster-moved-290000-in-forfeited-crypto-from-prison/" rel="noopener noreferrer nofollow">DOJ Alleges Convicted Fraudster Moved $290,000 in Forfeited Crypto From Prison</a> 
The post <a href="https://36crypto.com/circle-wins-final-occ-approval-to-launch-first-national-digital-currency-trust-bank/" rel="noopener noreferrer nofollow">Circle Wins Final OCC Approval to Launch First National Digital Currency Trust Bank</a> appeared first on <a href="https://36crypto.com" rel="noopener noreferrer nofollow">36Crypto</a>.

Circle Wins Final OCC Approval to Launch First National Digital Currency Trust Bank

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