Circle Secures US National Banking Charter, Becomes Regul.

Par La Rédaction
Publié le 10 July 2026

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Circle obtains a National Trust Bank Charter in the United States — the stablecoin issuer becomes a federally regulated bank

In a decision that marks a historic turning point for the cryptocurrency industry, Circle, the issuer of the USDC stablecoin — the second largest in the world — has officially obtained a National Trust Bank Charter from the Office of the Comptroller of the Currency (OCC), the U.S. federal banking regulatory authority. This approval makes Circle the first native cryptocurrency company to operate under full federal banking supervision in the United States.

The announcement, confirmed simultaneously by Circle and the OCC on July 10, 2026, represents much more than a simple regulatory formality. It places USDC and its issuer firmly within the traditional U.S. banking system, with all the prudential obligations, capital requirements, and ongoing oversight that entails. For a sector often perceived as being on the fringes of conventional finance, this decision by the OCC constitutes an unprecedented seal of institutional approval.

A hard-won regulatory victory

Circle had filed its initial application with the OCC as early as 2021, in the wake of the Biden administration, which was then beginning a thorough reflection on stablecoin regulation. The process, which lasted nearly five years, went through several political cycles, changes at the head of regulatory agencies, and numerous public consultations. Obtaining this charter is therefore not a last-minute surprise, but the culmination of a methodical and rigorous journey.

The National Trust Bank Charter allows Circle to provide custody, trust, and deposit services — activities that align perfectly with its role as a stablecoin issuer. Concretely, this means that USDC reserves will now be held and managed within a federal banking structure, rather than through separate accounts at commercial banking partners. This evolution brings an additional layer of legal security and transparency for USDC holders around the world.

What this means for USDC and its users

USDC, whose market capitalization exceeds $54 billion, is the second-largest stablecoin after Tether’s USDT. But unlike its competitor, Circle has always bet on regulatory compliance as its main differentiating argument. Obtaining this federal banking charter is the logical culmination of that strategy.

For individual and institutional users of USDC, several concrete consequences arise from this new structure. First, USDC reserves will be subject to stricter and more frequent regulatory examinations by the OCC, comparable to what is required of any national bank. Second, Circle will be required to meet minimum capital ratios, liquidity requirements, and risk management standards in line with federal banking standards. Third, the issuer will have to submit to regular audits and stress tests supervised by federal regulators.

This development significantly strengthens USDC’s credibility as a stable and regulated payment infrastructure, especially for traditional financial institutions that have until now hesitated to expose themselves to stablecoins due to regulatory uncertainty. Several major U.S. and European banks are already studying the integration of USDC into their cross-border payment systems, according to sources close to the matter.

A precedent that could redefine stablecoin regulation

The OCC’s decision comes in a context where stablecoin regulation has become a priority for U.S. and international lawmakers. In the United States, the Stablecoin Regulation Act is being discussed in Congress, with notable differences between the House of Representatives and the Senate over the exact scope of federal oversight.

The approval of Circle’s charter by the OCC creates a major precedent. Other stablecoin issuers, particularly those based in the United States or seeking to operate there, could be encouraged to follow the same path. This would exert indirect regulatory pressure on the entire industry, pushing toward standardization of reserve, transparency, and governance requirements.

On the international stage, this U.S. decision is being closely scrutinized by European, Asian, and Middle Eastern regulators. The European Union, with its MiCA regulation (Markets in Crypto-Assets), has already established a comprehensive framework for stablecoins, which came into effect in 2025. The U.S. decision could accelerate discussions on mutual recognition of regulatory frameworks, thereby facilitating cross-border operations for compliant stablecoin issuers.

Implications for the cryptocurrency market

At the time of writing, Bitcoin is trading at around $63,950 and Ethereum at around $1,791 on Binance, in a market that remains cautious but generally perceives the news as positive for the ecosystem as a whole. Circle’s announcement contributed to a moderate resurgence of confidence in the stablecoin market, with USDC trading volumes rising by 8% in the hours following the news release.

For institutional investors, this news removes a major barrier to entry into the cryptocurrency market. The ability to deal with a stablecoin issuer supervised by a federal banking authority significantly reduces counterparty risks and concerns related to regulatory compliance. Several U.S. pension funds and insurance companies could thus be encouraged to allocate part of their reserves to digital assets through USDC, in compliance with their fiduciary duties.

It should be noted, however, that this development does not directly affect other stablecoins, particularly Tether’s USDT, which continues to be the subject of regulatory debates in several jurisdictions. The OCC’s decision concerns Circle exclusively and does not create an obligation for other issuers, but it undeniably establishes a reference standard toward which the industry could converge.

Reactions from the ecosystem

The announcement drew enthusiastic reactions from a large part of the crypto ecosystem, seen as a long-awaited...