Circle receives approval from U.S. OCC to establish trust bank

USDC issuer Circle announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federal trust bank, Circle National Trust. This move brings USDC custody under federal regulation. The trust bank is expected to provide custody services to institutional clients, including banks and derivatives dealers, and will also manage the reserves backing USDC. Circle submitted its application to the OCC last June and received conditional approval in December.