Circle Receives Federal Approval to Operate as National Trust Bank, Shares Surge 7-8%

Circle Internet Group received final approval from the U.S. Office of the Comptroller of the Currency (OCC) on July 10, 2026, to establish Circle National Trust, a federally regulated national trust bank. The charter allows Circle to transition from a state-by-state regulatory framework to direct federal oversight, enabling it to offer fiduciary digital asset custody and eventually manage the reserves of its $73 billion USDC stablecoin directly. Following the announcement, Circle's shares (NYSE: CRCL) surged, trading up 5% to 8.4% after hitting pre-market highs of 14% to 16%.

Circle OCC charter approval

• ▪The OCC charter places Circle National Trust under direct federal oversight, transitioning the company from a state-by-state regulatory framework to a unified national framework.
• ▪Circle Internet Group received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust.
• ▪Circle Internet Group submitted its application to the OCC on June 30, 2025, and received conditional approval in December 2025.

Circle National Trust operations and services

• ▪Circle National Trust's business plan allows it to eventually offer digital asset custody services directly to a limited number of institutional customers, focusing on banks and regulated derivatives organizations.
• ▪Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle Internet Group and its affiliates.
• ▪The national trust bank charter does not authorize Circle Internet Group to operate as a commercial bank that takes deposits and makes loans.

USDC stablecoin and reserve management

• ▪Prior to the charter approval, Circle Internet Group relied on third-party banks and custodians to hold the cash and Treasury assets backing USDC.
• ▪The charter enables future capabilities for Circle National Trust to manage the reserves of USDC, the world's second-largest stablecoin with over $73 billion in circulation.

Regulatory context and other stablecoin issuers

• ▪Sony Bank received conditional OCC approval to establish Connectia Trust, National Association, a national trust bank capitalized at $40 million to issue dollar-pegged stablecoins.
• ▪The stablecoin market has seen increased competition following the passage of the GENIUS Act, which established a federal framework for payment stablecoins.
• ▪Other crypto and financial firms, including BitGo, Ripple, Paxos, and Fidelity Digital Assets, received conditional OCC approvals for trust charters in December 2025, with BitGo later receiving unconditional approval.

Market reaction and stock performance

• ▪Circle Internet Group's stock price reached as high as $73.80 in pre-market trading before trading around $68.40, up 8.4% on the day.
• ▪Following the announcement of the OCC approval on July 10, 2026, Circle Internet Group's shares (NYSE: CRCL) surged, trading up between 5% and 8.4% after initially gaining up to 14% to 16% in early or pre-market trading.