Stablecoin Issuer Circle Secures Final OCC Approval to Establish 'First National Digital Currency Bank'

On July 10, 2026, the U.S. Office of the Comptroller of the Currency (OCC) granted final approval to stablecoin issuer Circle for the establishment of the 'First National Digital Currency Bank.' This decision is regarded as a historic turning point where stablecoin infrastructure is officially integrated into the federal banking system. Circle has transitioned from its previous status as a state-level money transmitter to a national trust bank holding a federal charter.

Establishing this kind of national digital currency trust bank is a significant milestone in our goal to build a transparent, efficient, and accessible internet financial system. (Jeremy Allaire, Co-founder and CEO of Circle)

Acquiring this federal charter serves as a bridge directly connecting digital assets with the core of the U.S. financial system. Through this, Circle has laid the foundation to secure regulatory transparency and increase the trust of institutional investors. This is expected to contribute to stablecoins establishing themselves as a core means of legitimate payment and financial services within the institutional framework, going beyond simple business expansion.

Changes in the Regulatory Framework and Milestones of 2026

In early 2026, the OCC established a legal basis clarifying the scope of activities for national trust banks. The amendment to the National Bank Charter rules, finalized on March 2, 2026, specified the authority for national trust banks to perform non-fiduciary activities such as custody and storage. These rules officially took effect on April 1, 2026, providing a clear path for fintech companies like Circle to obtain federal charters.

• December 12, 2025: Circle obtains OCC conditional approval for a national trust charter
• March 2, 2026: OCC finalizes rule amendments specifying non-custodial business powers for national trust banks
• April 1, 2026: Amended national bank charter rules officially take effect
• July 10, 2026: Circle secures final approval to establish the 'First National Digital Currency Bank'

Before receiving final approval, Circle underwent a rigorous pre-opening examination process. The OCC closely reviewed whether the capital levels stated in the application were being maintained and if the operating systems complied with federal standards. In particular, the condition that the capital raising method must not deviate from the approved plan was emphasized, and Circle proved that it met all these requirements.

Circle's approval is evaluated as the pinnacle of the 'Trust Charter Wave' that began in earnest in 2025. In December 2025, the OCC announced conditional approvals for five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Subsequently, in February 2026, Stripe's stablecoin subsidiary Bridge and Crypto.com also joined this group.

USDC Reserve Management and Future Operational Roadmap

The strategic core of establishing the bank lies in the advancement of USDC reserve management. Circle plans to transfer the management of USDC reserves into the newly established national trust bank in the long term. Currently, Circle discloses the status of reserve assets through transparency reports, but having a federally chartered bank directly manage the reserves is expected to further enhance asset safety and operational efficiency.

However, the actual transfer of reserve management is scheduled to take place in a subsequent operational phase after the stability of bank operations is secured. Circle must manage its capital so that it does not deviate from the levels described in the application, in accordance with OCC guidelines, and must complete a final on-site inspection before commencing operations. These procedures are considered essential processes to ensure soundness as a federal bank.

In conclusion, the launch of Circle's national trust bank symbolizes the movement of digital assets from the periphery to the center of the traditional financial system. CEO Jeremy Allaire stated that this approval is a significant milestone in Circle's vision to build an internet-native financial system. As a bank under direct federal supervision, Circle is expected to set standards for the stablecoin market and lead global financial innovation in the future.

This approval will also serve as an important milestone for other digital asset companies in the United States. By obtaining a federal charter, companies can avoid the hassle of obtaining separate licenses for each state and provide services under a unified regulatory environment on a national scale. This is also interpreted as part of the U.S. strategy to secure leadership in digital asset regulation.