OCC approval allows USDC issuer to operate under a national framework, boosting regulatory clarity for its $73.2 billion stablecoin.
Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, transitioning from state-level regulations to a federal framework. The move is expected to enhance safeguards for customer assets and reserve management for its $73.2 billion USDC stablecoin.
The approval aligns with a broader trend of crypto firms gaining banking access under federal oversight. Recent months saw similar approvals for Ripple, BitGo, and Fidelity Digital Assets, reflecting a shift in regulatory stance toward digital assets. Circle’s stock rose 8.4% to $68.40 in early trading, after hitting a pre-market high of $73.80.
The OCC described the decision as a milestone for integrating stablecoin operations into a proven federal banking system, emphasizing safety and transparency.