Circle has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish the First National Digital Currency Bank, N.A. This new federally regulated trust bank will manage the USDC Reserve and provide custody and digital asset services under OCC supervision. The approval marks a significant step in aligning Circle's operations with global regulatory standards and enhancing transparency and institutional trust in stablecoins. The move follows a similar OCC approval for Ripple, which will operate as a National Digital Asset Trust focusing on XRP custody. Both approvals highlight increasing federal oversight in the digital asset sector, providing a clearer regulatory path for stablecoin issuance and digital asset custody. Circle's CEO, Jeremy Allaire, emphasized that the bank will deepen trust and compliance, supporting USDC's adoption in mainstream finance.
Circle Gains Conditional Approval for National Digital Currency Bank
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