The Office of the Comptroller of the Currency (OCC) has conditionally approved Circle Internet Financial to operate as a national trust bank in the United States. This approval allows Circle to manage USDC reserves under new regulatory standards, enhancing the stablecoin's stability and compliance. Circle's establishment of the First National Digital Currency Bank, N.A., marks a significant step in integrating digital assets into traditional banking. Circle's CEO, Jeremy Allaire, highlighted the move as a commitment to trust and compliance, aligning with the GENIUS Act's requirements. This development positions USDC, with a market cap of $78.5 billion, as a more stable and integral part of global finance. The approval is seen as a milestone for digital assets, potentially increasing their acceptance in the financial system, while industry stakeholders watch its impact on the competitive landscape.
OCC Grants Circle Conditional Approval for National Trust Bank Charter
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