Approval allows USDC issuer to offer fiduciary and custody services under New York banking law, bolstering regulatory oversight.
Circle Internet Financial secured a limited purpose trust charter from the New York Department of Financial Services, enabling it to provide fiduciary and custody services. The move follows recent OCC approval for a national trust bank, enhancing USDC reserve safety and institutional offerings.
The company’s USDC stablecoin holds a market capitalization exceeding $71.8 billion, while its stock price remained unchanged at $64.24. The charter aligns with broader regulatory efforts to clarify crypto asset oversight in the U.S.
Other crypto firms have pursued similar licenses, reflecting growing demand for compliant digital asset services. The approval underscores New York’s role in shaping crypto regulation.