#u.s. trust bank

The post Circle takes banking step with U.S. trust bank approval appeared on BitcoinEthereumNews.com. Circle (CRCL), the issuer of the world’s second largest stablecoin USDC, received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. National trust banks are authorized to provide users with custody and fiduciary services but do not accept consumer deposits or make loans like traditional commercial banks. Shares are higher by 14% in pre-market trading. “OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” Circle CEO Jeremy Allaire said Friday in a statement announcing the milestone. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure.” The move comes as crypto firms such as Kraken, increasingly seek federal charters, licenses and banking approval

The post Circle Wins U.S. Trust Bank Approval, Shares Rise Over 7% appeared on BitcoinEthereumNews.com. The post Circle Wins U.S. Trust Bank Approval, Shares Rise Over 7% appeared first on Coinpedia Fintech News Circle’s shares climbed more than 7.7% in premarket trading after the company received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., which will operate as Circle National Trust. The federally regulated trust bank will initially provide digital asset custody services for Circle … Source: https://coinpedia.org/crypto-live-news/circle-wins-u-s-trust-bank-approval-shares-rise-over-7/