Circle Wins OCC Approval to Establish Circle National Trust for USDC Custody Services

Circle received approval from the Office of the Comptroller of the Currency (OCC) on July 10 to establish Circle National Trust, as the issuer behind about $73.3 billion in USDC market capitalization. According to NS3.AI, the approval does not authorize the new entity to accept ordinary deposits, make loans, or offer FDIC-insured retail banking services. Circle said Circle National Trust will initially provide fiduciary digital-asset custody when it opens. The company added that reserve management is planned as a future capability, but it did not disclose a timeline for when that service would begin.