By securing a national trust charter, USDC’s issuer, Circle, plans to directly manage its $62-bilion reserves.
Circle, the fintech firm behind USDC, has filed an application with the Office of the Comptroller of the Currency (OCC) to establish America’s first digital currency bank, a national trust institution that would bring stablecoins fully into the federally regulated financial system.
The proposed entity, First National Digital Currency Bank, wouldn’t operate like a traditional consumer bank. It wouldn’t offer deposits or loans. Instead, it would focus on Circle USDC trust bank functions: safeguarding USDC (USDC) reserves, managing cash and short-term Treasury holdings and offering digital asset custody services to institutional clients.
