Circle Seeks Bank Status to Manage Crypto Reserves in the U.S.
Circle, the company behind the USDC stablecoin, has submitted an application to obtain a national trust bank license in the United States, according to an interview with Reuters. If approved by the Office of the Comptroller of the Currency (OCC), the new banking entity – First National Digital Currency Bank, N.A. – would be able to hold Circle’s own reserves and manage crypto assets for institutional clients.
The license does not permit the acceptance of cash deposits or the issuance of loans, unlike traditional banks. Circle CEO Jeremy Allaire stated that this step is a natural extension of the company’s strategy to uphold the highest standards of transparency and compliance.
The application follows shortly after Circle’s public listing, which valued the company at nearly $18 billion. Currently, Anchorage Digital is the only digital asset company in the U.S. that holds such a national trust bank license. USDC is a stablecoin pegged to the U.S. dollar and widely used for fast transactions within the crypto ecosystem.
