Circle can now open a US trust bank but cannot take ordinary deposits or make loans

Circle received approval from the OCC on July 10 to establish a bank called Circle National Trust. That does not give the USDC issuer the powers most people associate with a commercial bank.

The national trust bank cannot accept ordinary deposits, make loans, offer checking or savings accounts, or provide FDIC-insured retail banking services. The decision is final, unlike the OCC’s preliminary conditional approval from December 2025, but its approved business remains centered on fiduciary custody.

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Circle targets federally regulated trust status to manage stablecoin reserves, offer custody services

Circle aims to streamline compliance ahead of the potential passage of the GENIUS Act while reducing counterparty risk for large depositors.

Jun 30, 2025 · Gino Matos

What Circle can do at opening

Circle said the bank’s legal name will be First National Digital Currency Bank, N.A., operating as Circle National Trust. Upon opening, it will provide fiduciary digital-asset custody for Circle and its affiliates under direct OCC supervision.

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That is the only service Circle has confirmed for the bank’s opening. Circle said the bank may eventually provide custody directly to a limited number of institutions, focusing on banks and other regulated financial organizations, if demand warrants expansion.

Managing the USDC reserve is also a future capability rather than a service that arrives with the charter. Circle has not disclosed when the bank will open or what additional operational steps must occur before reserve management moves inside it.

The charter’s strategic value lies in greater control over the infrastructure supporting a stablecoin with a market capitalization of about $73.3 billion.

A federal charter would let Circle bring custody, and possibly reserve management, under one roof instead of relying as heavily on outside firms. The company has not said what that might save or whether it plans to change its current partners.