Circle has received final approval to establish a national trust bank from the U.S. Office of the Comptroller of the Currency, a move that’s set to shift the stablecoin issuer’s operations from a patchwork of state-by-state rules to a national framework.
Circle said the OCC approval brings infrastructure underpinning its flagship $73.2 billion stablecoin, which is commonly used throughout the U.S., “into a proven federal banking framework designed to ensure safety, soundness, and transparency.”
Under President Donald Trump’s second administration, financial regulators have dramatically shifted their stance toward digital assets, triggering a historic wave of banking access for crypto firms.
Allaire noted that Circle will offer custodial services for digital assets via its bank, referencing stablecoins and tokenized securities that represent real-world assets.
Still, the nod came not long after Coinbase aligned with a USDC challenger.
