Circle wins final OCC approval for U.S. national trust bank
The post Circle wins final OCC approval for U.S. national trust bank appeared on BitcoinEthereumNews.com. Circle Internet Group has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. Summary Circle secured final OCC approval to establish a federally supervised national trust bank in America. The bank will initially provide digital asset custody services to Circle and affiliated companies only. Future plans may include institutional custody and management of reserves backing the USDC stablecoin directly. The new institution will operate as Circle National Trust. Its legal name will remain First National Digital Currency Bank, N.A., according to Circle’s July 10 announcement. Circle National Trust gains federal approval The OCC approval places Circle National Trust under direct federal supervision. The regulator oversees national banks and national trust banks across the United States. Circle has received final OCC approval