Crypto
Home›Crypto›Regulation›Circle wins limited purpose trust charter from New Yor…
Circle wins limited purpose trust charter from New York regulator
The NYDFS approval would allow Circle, issuer of USDC, to provide fiduciary, custody, and asset management services under New York banking law.
Circle Internet Group, the issuer of USDC, said the New York Department of Financial Services granted it a limited purpose trust charter.
The charter, described as an official state banking authorization under the New York Banking Law, permits Circle to legally offer fiduciary, custody, and asset management services.
CoinDesk noted Circle’s shares were around $64.24 on Friday morning, while USDC’s market capitalization exceeded $71.8 billion.
Circle said earning the New York trust charter was a long-standing goal, and it recently received approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank.
CoinDesk also reported that other crypto firms including Coinbase, Moonpay, Bitgo, and Paxos previously secured similar NYDFS limited purpose trust charters, and Circle was among the first to receive a BitLicense nearly six years ago.