Stablecoin custody is turning into a federally chartered business rather than a crypto-native one, and Circle Internet Group just completed the clearest version of that path yet. On July 10, 2026, the Office of the Comptroller of the Currency granted Circle final approval to open First National Digital Currency Bank, N.A., operating as Circle National Trust, a national trust bank. Circle first applied on June 30, 2025 and held conditional approval since December 2025; this is the license actually opening for business.
The charter matters beyond Circle’s own balance sheet. Once open, Circle National Trust will provide fiduciary digital asset custody for Circle and its affiliates, with the OCC-approved business plan allowing it to eventually extend custody services to other banks and regulated financial institutions. It is also structured to eventually take on management of the USDC reserve itself, which would move reserve custody for the world’s second-largest stablecoin fully inside the federal banking perimeter rather than leaving it with third-party custodians. “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, Circle’s co-founder, chairman, and chief executive.
The original insight for finance leaders: a national trust charter, not a state money-transmitter license or an offshore entity, is becoming the credibility marker stablecoin issuers compete on. Circle already holds licenses across New York, the EU, UK, Singapore, Bermuda, Canada, and Abu Dhabi; the OCC charter is the one that lets it custody reserves and serve institutional clients under the same supervisory regime as a bank. The GENIUS Act’s first year of rulemaking set the licensing bar for stablecoin issuers; this charter shows where issuers are choosing to clear it.
Source: Circle
