Circle, a leading internet financial platform company, announced on December 12, 2025, that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A. This marks a significant step towards operating as a federally regulated trust bank under OCC oversight. The approval is a key milestone for strengthening the infrastructure supporting USDC, the world's largest regulated stablecoin, and for complying with the GENIUS Act, which became U.S. law in July 2025.
Once fully approved, the new entity will manage the USDC Reserve on behalf of Circle's U.S. issuer and offer fiduciary digital asset custody and related services to institutional customers. This move aims to enhance the safety and regulatory oversight of the USDC Reserve and align Circle's U.S. operations with global regulatory standards for stablecoins. CEO Jeremy Allaire emphasized the importance of rigorous regulatory oversight for building a foundation on which leading institutions can confidently build.
Circle submitted its application to the OCC on June 30, 2025. The company has a long history of seeking regulatory clarity, including being the first to receive a BitLicense from the New York Department of Financial Services in 2015 and complying with the EU's MiCA framework in 2024. In 2025, Circle also received a license from Abu Dhabi Global Market's Financial Services Regulatory Authority. The conditional approval was granted after a thorough evaluation, with the OCC noting that the proposed activities are permissible for a national trust bank.
