Circle obtains national trust bank license in the United States

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Publié le 13 July 2026

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Circle Obtains a National Trust Bank License in the United States — A Regulatory Turning Point for USDC

Circle, the issuer of the USDC stablecoin — the second largest stablecoin in the world — has received final approval from U.S. regulators to become a national trust bank. This decision comes as bitcoin trades around $62,030 on July 13, 2026, at 18:00 UTC, and amid fierce competition in the stablecoin market, often called the “Stablecoin War.” This unprecedented regulatory status for a U.S. stablecoin issuer could reshape the competitive landscape against Tether and its USDT.

What Is a National Trust Bank and Why Does It Matter?

A national trust bank is a type of financial institution chartered at the U.S. federal level, primarily authorized to engage in fiduciary activities — that is, to hold and manage assets on behalf of third parties. This status, granted by the Office of the Comptroller of the Currency (OCC), one of the main U.S. banking regulators, provides its holder with full federal recognition, as opposed to state-level licenses, which can vary significantly from one jurisdiction to another.

For Circle, obtaining this status represents far more than a mere administrative formality. By becoming a national trust bank, the company partially frees itself from the regulatory patchwork it had to navigate until now. Prior to this approval, Circle operated under state licenses — notably in New York via the BitLicense from the New York State Department of Financial Services (NYDFS) — and had to comply with differing requirements across states where it wished to operate.

The national trust bank status offers several decisive advantages. First, it allows Circle to provide custody and digital asset management services nationwide without having to obtain a license in every state. Second, it places Circle under the direct supervision of the OCC, a respected federal regulator, significantly boosting the company’s credibility with institutional investors. Finally, this status paves the way for deeper integration with the traditional U.S. banking system, particularly regarding reserves and transparency.

The Importance for USDC: Regulatory Legitimacy and Competitiveness

USDC is the second largest stablecoin by market capitalization, trailing behind Tether’s USDT. While USDC has always emphasized its regulatory compliance as a competitive argument — reserve transparency, regular audits, adherence to U.S. standards — the move to national trust bank status elevates this argument to a new level.

By becoming a national fiduciary bank chartered by the OCC, Circle places USDC in a distinct category among stablecoins. No other major stablecoin issuer can claim such federal status. Tether, based in the British Virgin Islands and operating under a license from the Hong Kong Financial Services Registry (issued via Bitfinex), does not have comparable recognition within the U.S. financial system. This difference could prove crucial in the ongoing stablecoin war.

Many institutional players — pension funds, insurance companies, corporate treasuries — remain hesitant to use stablecoins due to concerns over regulatory and counterparty risks. Circle’s national trust bank status could alleviate these reservations. Being directly supervised by the OCC means Circle is subject to strict prudential requirements: capital ratios, liquidity, governance, internal controls. For an institutional investor, this is a mark of seriousness and stability that did not exist before.

Circle’s Regulatory History in the United States

Circle’s path to this federal status has not been smooth. Founded in 2013 by Jeremy Allaire and Sean Neville, the company early on sought to position itself as the most compliant player in the stablecoin ecosystem. In 2018, Circle obtained the BitLicense from New York State, one of the most demanding licenses worldwide for digital asset activities, issued by the NYDFS.

In 2020, Circle took another step by becoming a Money Services Business registered with the Financial Crimes Enforcement Network (FinCEN) and obtaining money transmission licenses in multiple states. That same year, the OCC published an interpretive letter allowing national banks to provide custody of digital assets for their clients, paving the way for broader integration of cryptocurrencies into the U.S. banking system.

However, Circle has also faced regulatory setbacks. The company was forced to sever ties with Binance after the exchange was sued by U.S. authorities, and at times had to manage periods where USDC partially lost its dollar peg during market stress episodes. These incidents reminded that, despite its compliance efforts, Circle remains exposed to risks inherent in the digital asset ecosystem.

Obtaining national trust bank status thus represents the culmination of a process spanning over a decade, during which Circle gradually built its compliance infrastructure to meet the highest standards set by U.S. regulators.

The “Stablecoin War”: A Highly Competitive Context

Circle’s approval comes amid fierce competition in the stablecoin market. While USDC and USDT remain the two dominant players, new entrants are seeking to gain market share...