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Circle wins final OCC approval for a national trust bank
The approval is expected to move its USDC operations from state-by-state rules to a single federal framework, with Circle calling it a milestone for safeguarding customer assets and managing reserves.
Circle secured final approval from the U.S. Office of the Comptroller of the Currency to set up a national trust bank, a change that is designed to shift the stablecoin issuer behind USDC from a patchwork of state-by-state rules to a unified federal framework, Decrypt reports.
The company said the OCC approval is a key regulatory milestone, expected to unlock opportunities related to safeguarding customer assets and managing reserves. Circle CEO Jeremy Allaire framed the move as part of building what he called a new fundamental money layer for the internet.
Circle’s shares rose on the news, moving about 8.4% higher to around $68.40 during the day’s trading, after pre-market gains pushed the stock as high as $73.80, according to the outlet citing Yahoo Finance.
Decrypt also notes that the approval comes amid a broader regulatory shift under President Donald Trump’s second administration that has expanded banking access for crypto firms. The story says Coinbase praised Circle’s development, and it highlights similar OCC actions for other digital-asset firms alongside Capitol Hill criticism from Sen. Elizabeth Warren.