Approval would permit the new entity to hold and safeguard the assets backing USDC for Circle’s US issuer and to offer crypto custody to pension funds, asset managers, and corporate treasurers.
He noted that the firm aims to “enhance the reach and resilience of the US dollar” by operating market-neutral infrastructure open to global institutions.
Circle trades on the New York Stock Exchange under the symbol CRCL and reported more than $32 billion in USDC circulation at the end of May.
Circle issued the first New York Department of Financial Services BitLicense in 2015, which gave it a head start in complying with the European Union’s Markets in Crypto-Assets framework last year.
The trust bank will act as a wholly owned subsidiary of Circle Internet Group. It will maintain capital and liquidity according to OCC rules and submit to regular examinations. Circle did not provide a launch timeline. OCC evaluations of trust charter applications typically span several quarters.
In its announcement, Circle noted that institutional clients have pressed stablecoin issuers for federally regulated custody options as US lawmakers debate reserve mandates and disclosure standards.
By holding reserves at a national trust, Circle aims to streamline compliance ahead of the potential passage of the GENIUS Act while reducing counterparty risk for large depositors.
