Circle has received final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. This approval allows Circle to act as custodian for its own reserves and hold crypto assets on behalf of institutional clients.
Details of the Approval
The charter places Circle’s trust bank under direct federal oversight by the OCC, the primary regulator for lenders and national trust banks. Circle CEO Jeremy Allaire stated that this approval is a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.
Circle issues USDC, a dollar-pegged stablecoin, which has a market value of about $73.2 billion. The company’s shares have fallen 20.5% so far this year, giving it a market capitalization of about $15.7 billion.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
