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Circle gains OCC approval to operate as a trust bank
The approval came from the U.S. Office of the Comptroller of the Currency, helping shares jump 12% in premarket trading.
Circle, the stablecoin issuer, received U.S. approval to operate as a trust bank, a regulatory milestone tied to its stablecoin business. CNBC Markets said the U.S. Office of the Comptroller of the Currency granted the authorization.
Following the news, Circle shares rose 12% in premarket trading, according to CNBC Markets and CNBC World. The move signals increased progress toward formal banking oversight for the company’s operations.
CNBC World also linked the gain in the stock to the OCC decision to allow Circle to operate as a trust bank, rather than under its prior structure.
The updates were consistent across the two CNBC outlets, both pointing to the same regulator approval as the catalyst for the stock move.