Circle Files for National Trust Bank in the United States
Date: 2025-07-02 Author: Oliver Abernathy Categories: BUSINESS
Circle has announced plans to register a trust bank in the United States. The new status will allow the company to act as a custodian for its own reserves and safely store crypto assets of institutional clients. However, the company does not plan to accept cash deposits or issue loans, as the license does not provide for such functions.
Circle CEO Jeremy Allaire noted that the company has long been committed to high standards of reliability and transparency. He emphasized that obtaining a national trust bank charter will be an important step in developing the infrastructure that supports the USDC stablecoin, and will also allow it to comply with new regulatory requirements that are being formed in the United States regarding dollar-denominated payment stablecoins.
According to Elliaire, the main task of the new structure will be to manage USDC reserves, but some assets will remain in large traditional banking institutions to diversify risks. The creation of a trust bank will allow Circle to avoid the need to obtain multiple separate licenses for different financial operations and focus on servicing tokenized stocks and bonds issued on the basis of blockchain technologies.
Earlier, The Wall Street Journal reported that the initiative to create new bills in the United States regarding the regulation of stablecoins prompted companies like Circle and BitGo to apply for banking licenses. In turn, traditional banks are also considering the possibility of expanding their presence in the cryptocurrency market, offering clients relevant services.
Thus, Circle's move towards creating a trust bank can be seen as a response to the growing demands of regulators and a sign of the maturity of the crypto industry in the United States. This will increase the level of security and trust in USDC, strengthen the company's position in the market and ensure better compliance with new financial regulations.
Such moves show that major crypto market players are seeking to integrate into the traditional financial system while maintaining the innovative benefits of blockchain technology and digital assets.
