Circle wins NY trust charter, clearing path to custody institutional funds

Circle (CRCL) announced it has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services through a subsidiary, giving it legal authority to directly custody institutional funds. The trust company license goes beyond a standard cryptocurrency business license by granting custody powers comparable to those of a bank. The New York State Department of Financial Services also granted Circle a BitLicense, a cryptocurrency business license, in 2015. Circle said the latest approval demonstrates USDC’s regulatory transparency and stability as the role of digital dollars expands.