Circle applies for US trust bank charter to manage its USDC reserve

Other crypto firms are also reportedly considering applying for a national bank charter, following in the footsteps of Anchorage Digital Bank, which received a license in 2021.

Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer. 

If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday.

Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of USDC (USDC) and offer digital asset custody services to institutional customers, the stablecoin issuer added. 

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