Circle said on July 10 that the Office of the Comptroller of the Currency had granted final approval to establish Circle National Trust. The company applied in June 2025 and received conditional approval that December.
Federal supervision for a new custody entity
At opening, the trust bank is expected to provide fiduciary custody for Circle and its affiliates. Circle says it may later serve a limited number of banks and other regulated institutions if demand develops.
Initial scope and planned services
| Function | Status |
|---|---|
| National trust bank charter | Final OCC approval |
| Custody for Circle and affiliates | Planned at opening |
| Custody for outside institutions | Possible later, depending on demand |
| USDC reserve management | Future capability |
Limits of the charter
A national trust bank focuses on fiduciary and custody functions. The approval does not turn Circle National Trust into a conventional deposit-taking bank, and Circle has not said that all USDC reserve operations have already moved into it.
Sources
CirclePrimary evidence · Published Jul 10, 2026Open original ↗
ReutersReporting source · Published Jul 10, 2026Open original ↗