Circle has applied to establish a national trust bank in the United States, aimed at overseeing its USDC reserves. The application, pending approval from the US Office of the Comptroller of the Currency (OCC), could allow Circle’s First National Digital Currency Bank to operate under federal regulation as a trust institution. This move follows the trend of other crypto firms pursuing national charters, inspired by Anchorage Digital Bank’s licensing in 2021. A federally regulated trust charter would also help Circle comply with the proposed GENIUS Act. Circle co-founder Jeremy Allaire emphasized that this initiative aims to bolster the infrastructure for USDC, aligning with new regulations for dollar-denominated stablecoins. The application process includes a 30-day comment period, and the OCC typically decides within 120 days. Other firms, including Fidelity's digital currency division, are also reportedly seeking national bank charters, highlighting a growing interest in regulated banking operations within the crypto sector.

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