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Circle wins limited-purpose New York trust charter for subsidiary
NYDFS granted Circle Internet Trust Company LLC authority to provide fiduciary and custody services under New York state banking law.
Circle said the New York Department of Financial Services has granted a limited purpose trust charter to its subsidiary, Circle Internet Trust Company LLC.
Under New York Banking Law, the limited purpose charter allows charter holders to exercise fiduciary powers and perform activities such as custodial services, investment management, corporate trust, transfer agency, and securities clearance, NYDFS said.
Circle framed the approval as a step toward regulatory clarity, noting it has been a longstanding objective.
The company also said it received NYDFS approval through a BitLicense in 2015 and that it issues the US dollar-pegged stablecoin USDC, which it described as having a $71.8 billion market capitalization.