Circle Receives Final OCC Approval to Establish National Trust Bank, Operating as Circle National Trust

CoinFeed July 10 news, Circle (NYSE: CRCL) announced that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A., operating as Circle National Trust. The bank will serve as a federally regulated national trust bank, providing digital asset custody services to Circle and its affiliates, and subsequently opening custody services to certain institutional clients (including banks and regulated derivatives institutions) as needed. According to the approved business plan, the license also reserves space for future inclusion of USDC reserve management under the federal regulatory framework.