The Circle of Stablecoin issuers proposed establishing a national trust bank in the US to oversee the company's USDC reserve. If approved by the OCC, the first National Bank of Circle digital money would operate as a trust under federal oversight. This move aims to enhance infrastructure for USDC issuance and offer digital asset services to institutional clients. National trust banks, restricted from taking cash or loans, operate nationally and comply with OCC regulations.
Circle aims to meet engineering law requirements by seeking a federal trust charter, aligning with evolving US regulations. Requests for National Trust Bank approval undergo a 30-day comment period, with the regulator typically deciding within 120 days. Other crypto firms, like Fidelity, also eye national trust bank charters under OCC supervision. Anchorage Trust Company was the first crypto firm to secure a banking license in 2021. Circle Stock traded steadily post-public listing, making a strong market debut.
https://altcoin.observer/circle-applies-to-the-launch-of-the-national-trust-bank/
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