- Circle applied to the OCC to form a national trust bank for managing the USDC reserve.
- The charter supports Circle’s compliance with the GENIUS Act and federal stablecoin regulations.
- Sei Network links Circle’s move to the broader rise of institutional crypto adoption.
On July 1, 2025, Circle filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to create a national trust bank. The proposed entity, named First National Digital Currency Bank, would manage the reserve for Circle’s USDC stablecoin in the United States.
The Circle trust bank would operate under federal oversight and offer custodial services but not issue loans or take deposits. The company said this move would simplify compliance by eliminating the need for state-based money licenses.
The OCC Circle application includes a 30-day public comment period. A decision typically follows within 120 days if the application is complete.
GENIUS Act Compliance Drives Circle’s Strategy
Circle’s application supports its goal of meeting future requirements under the GENIUS Act, which passed the U.S. Senate on June 17 and is now under House review. The legislation outlines national rules for stablecoins like USDC.
CEO Jeremy Allaire said Circle aims to improve its USDC infrastructure and meet emerging federal standards. The GENIUS Act Circle link underscores Circle’s preparation for U.S. regulatory changes.
Meanwhile, several crypto companies are also applying for national trust bank status. Anchorage Trust Company received OCC approval in 2021, becoming Anchorage Digital Bank.
Eleanor Terrett, host of Crypto in America, noted on July 1 that multiple firms, including Fidelity’s digital asset unit, are pursuing similar licenses. The Wall Street Journal reported in April that Circle had been evaluating the OCC Circle application path since 2022.
Related South Korea’s Ruling Party Denies State-Backed Stablecoin Plans
Circle Internet Group Stock Opens Lower After OCC Application
On July 1, 2025, Circle Internet Group stock (CRCL) opened at $184.67 on the New York Stock Exchange but dropped early in the session. By 10:08 a.m. EDT, the price had fallen to $179.64, marking a decline of 0.57% from the previous close of $181.29, based on Google Finance data.
The session low reached $171.50, while the intraday high touched $185.00. The stock’s market capitalization stands at $39.43 billion, with a price-to-earnings (P/E) ratio of 232.67.
Since its debut on June 5, 2025, Circle Internet Group stock surged 167% during its first trading day. It has since remained within a relatively stable range, despite daily price swings.
Sei Network Connects Circle’s Charter to Institutional Crypto Adoption
In an X post, Sei Network commented on the charter move, linking it to larger trends in institutional crypto adoption. Sei stated:
“Circle’s pursuit of a national trust bank charter signals that crypto is readying for much broader institutional adoption by adopting existing financial regulatory frameworks.”
Related SEI Price Soars on Circle Sparks Investor FOMO; Traders Now Ask Is $1 Next?
The post added that networks like Sei, which prioritize real-time finality and uptime, are well positioned to support increased use of blockchain by institutions. The Sei Network Circle mention places Circle’s charter effort in the broader context of Circle stablecoin regulation.
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