Circle, a global financial technology firm and issuer of the world’s second-largest stablecoin, USDC, has applied for a National Trust Charter with the United States Office of the Comptroller of the Currency (OCC). According to Reuters, the proposed bank would be named the First National Digital Currency Bank, N.A (FNDCB).
This marks a significant step towards integrating the cryptocurrency infrastructure into the U.S. financial system, as the FNDCB would operate as a federally regulated asset manager.
First Crypto Bank in the U.S.
If the OCC approves Circle’s charter, it’ll allow it to manage its own USDC reserves and provide crypto custodial services to eligible institutional customers. Notably, unlike a traditional bank, Circle’s National Trust charter would not take cash deposits or offer loans. Instead, it’ll focus solely on holding and managing crypto assets.
Commenting on the firm’s latest development and the expected results, Circle CEO Jeremy Allaire noted,
“Circle has long sought to seek the highest standards of trust, transparency, governance, compliance. Becoming a publicly traded company is a significant part of that, becoming a national trust company is again a continuation of that.”
Allaire noted that while it’ll provide crypto custody services for institutional investors. It will also prioritize managing tokenized stocks and bonds ahead of traditional cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Tokenized U.S. Stocks on Crypto Platforms
Notably, a key factor in actualizing Allaire’s vision for the Circle National Trust Charter is the recent launch of xStocks by Backed Finance. Following the launch on Monday, approximately 60 U.S. stocks are now available for trading on several centralized and decentralized crypto exchanges, enabling users to trade traditional stocks while enjoying the benefits of blockchain speed.
Recently, Circle increased the size of its initial public offering (IPO), resulting in a $1.05 billion raise, in one of the largest IPOs of 2025. Following the IPO, the company was listed on the New York Stock Exchange (NYSE) under the ticker CRCL. Notably, major U.S. investors, including BlackRock and ARK Invest, have expressed interest in acquiring the company’s shares.
Meanwhile, following its IPO, Circle is valued at approximately $8 billion, and its stock has experienced a significant surge since its launch.
