Stablecoin Firm Circle Gets Approval for US Bank Charter
Circle Internet Group Inc. received approval to start a national digital-currency trust bank to support its stablecoin business, widening its remit to include institutional custody services while consolidating oversight under a single federal trust charter.
The stablecoin issuer behind the USDC token said on Friday that the Office of the Comptroller of the Currency granted it permission to establish what will eventually be the Circle National Trust. The new entity allows the company to custody assets, among other things, under OCC oversight. Circle shares surged as much as 16%, the most in two months.
