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

On July 10, 2026, Circle Internet Group received final approval from the U.S. OCC to establish Circle National Trust, a federally regulated national trust bank. The milestone allows Circle to directly manage reserves and provide custody for its $73 billion USDC stablecoin, reducing reliance on third-party banks. Following the announcement, Circle shares surged over 7% to 8% in early trading, trading around $68.40. The charter places Circle under federal oversight, bypassing state-by-state regulations.

Circle OCC national trust bank approval

• ▪Circle Internet Group submitted its application for the national trust charter on June 30, 2025, and received preliminary conditional approval in December 2025
• ▪The U.S. Office of the Comptroller of the Currency granted final approval to Circle Internet Group on July 10, 2026, to establish First National Digital Currency Bank, N.A., operating as Circle National Trust

Circle stock price reaction and market impact

• ▪Following the OCC approval on July 10, 2026, Circle Internet Group shares rose over 7% to 8% in early trading
• ▪Circle Internet Group shares traded 8.4% higher at around $68.40 on July 10, 2026, after reaching a pre-market high of $73.80

USDC stablecoin reserve management and custody

• ▪The national trust charter allows Circle National Trust to directly manage reserves for the USDC stablecoin, which has over $73 billion in circulation
• ▪Prior to receiving the national trust charter, Circle Internet Group relied on third-party banking partners and custodians to hold the cash and Treasury assets backing USDC

Federal regulatory framework and bank charters

• ▪The national trust bank charter places Circle National Trust under direct federal oversight by the Office of the Comptroller of the Currency, bypassing state-by-state regulation
• ▪The national trust charter does not authorize Circle National Trust to operate as a commercial bank that takes deposits and makes loans

Institutional digital asset custody services

• ▪Circle National Trust will initially offer fiduciary digital asset custody services for Circle Internet Group and its affiliates upon opening
• ▪Circle National Trust plans to eventually expand its digital asset custody services directly to a limited number of institutional customers, including banks and regulated derivatives organizations