The move grants $CRCL regulatory approval to offer fiduciary and custody services under New York state banking law.
Circle Internet Group, issuer of the $71.8 billion USDC stablecoin, secured a New York trust charter from the state’s Department of Financial Services. The authorization permits fiduciary, custody, and asset-management services under New York Banking Law, reinforcing regulatory oversight for its operations.
The company previously received approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank in July. Unlike traditional banks, national trust banks do not accept deposits or issue loans but focus on custody and fiduciary services. Competitors like Coinbase Global have also obtained New York trust charters.
CRCL shares have fallen 67% over the past year, trading at $59.76 on the NASDAQ. The charter is expected to enhance the stability and transparency of USDC reserves.