Circle (CRCL)The company behind the USDC Stablecoin said on Monday that it has submitted a request before the Office of the Comptroller of La Moneda to form a National Trust Bank regulated by the Federal Government.
A federal trustee letter would bring a circle under direct supervision of the West, aligning it with the way in which traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, would supervise the custody of the USDC reserves and offer services adapted to the institutions. If approved, Circle would join the ranks of federal institutions such as Paxos and Anchorage, which previously secured the state of the Trusty Bank to offer services related to cryptographic throughout the country.
The state of the Fiduciary Bank would allow Circle to operate through state lines without obtaining separate licenses in each state, an obstacle that has a complicated expansion for many digital asset companies. It would also allow Circle to offer regulated services of custody of digital assets to institutional clients.
The movement indicates a strategic effort of Circle to solidify its regulatory position such as US mulls legislation. As the genius law, which would create new railings for the stable backed by dollars. The company said that becoming a National Trust Bank would help you meet the anticipated requirements under the bill, which the Senate approved earlier this month and now expects a vote in the House of Representatives.
“When requesting a National Trust letter, Circle is taking proactive measures to further strengthen our USDC infrastructure,” said CEO of Circle, Jeremy Allaire, in a statement. “We will align with the emerging regulation of the United States for the issuance and operation of paid stables called in dollars, which we believe can improve the scope and resistance of the US dollar, and support the development of a crucial and neutral infrastructure of the market so that the world’s leading institutions are built.”
Circle became public last month and broadcasts the second largest in the world, the USDC and the leader token ERC of the leader.
The Occ, which supervises national banks and federal savings associations, must still review and approve the circle application. The agency has granted similar letters to a handful of cryptographic companies in recent years, indicating a growing regulatory acceptance of digital asset companies that operate within the traditional banking framework.
UPDATE (June 30, 2025, 20:50 UTC): Add additional information.
