Circle, the issuer of the USDC stablecoin, is seeking approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank named First National Digital Currency Bank, N.A. This move aims to oversee the reserves that back USDC, which currently has a market cap exceeding $61 billion. The establishment of this bank would help align USDC with the GENIUS Act legislation, promoting compliance in the stablecoin sector. Circle co-founder and CEO Jeremy Allaire emphasized the importance of this step in supporting the development of a transparent and efficient internet financial system, ultimately enhancing the resilience of the U.S. dollar and providing essential infrastructure for institutions. The announcement comes shortly after Circle's successful IPO, marking a pivotal moment in the company's ongoing growth in the cryptocurrency space.

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