Stablecoin issuer Circle applies for a national bank charter
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Circle Internet Group, which debuted on the New York Stock Exchange earlier this month, has applied for a bank charter.
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3 min read
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cryptocurrency
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June 30, 2025
09:40 PM
CNBC
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Circle Internet Group submitted a bank charter application to the Office of the Comptroller of the Currency
Circle is the issuer of the USDC stablecoin
The firm hopes to establish a national trust bank, which will be named First National Digital Currency Bank, N
Anchorage Digital is the only other crypto company to obtain such a license
CM=CRCL your favorite stocksCREATE FREE ACCOUNTTraders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U. , June 5, 2025
Brendan McDermid | Reutetablecoin issuer Circle Internet Group has applied for a national trust bank charter, moving forward on its mission to bring stablecoins into the traditional financial world after the firm's big market debut this month, CNBC confirmed
S rose 1% after hours
If the Office of the Comptroller of the Currency grants the bank charter, Circle will establish the First National Digital Currency Bank, N
Under the charter, Circle, which issues the USDC stablecoin, will also be able to offer custody services in the future to institutional clients for assets, which could include representations of stocks and bonds on a blockchain network
Reuters first reported on Circle's bank charter application
There are no plans to change the management of Circle's USDC reserves, which are currently held with other major banks
Anchorage Digital is the only other crypto company to obtain such a license
Circle's move comes after a wildly successful IPO and debut trading month on the public
S of the company are up 484% in June
The company is also benefiting from a wave of optimism after the Senate's passage of the GENIUS Act, which would give the U
A regulatory framework for stablecoins
Having a federally regulated trust charter would also help Circle meet requirements under the GENIUS Act. "Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible," Circle CEO Jeremy Allaire said in a statement d with CNBC. "By applying for a national trust charter, Circle is taking active steps to further strengthen our USDC infrastructure. ""Further, we will align with emerging U
Regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U
Dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on," he said
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