Circle says it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to open a national trust bank, named First National Digital Currency Bank. According to Circle, the approval is the last step in the process to establish the bank, which will be used to manage aspects of the firm’s digital-currency reserve operations. Both outlets report that Circle’s initial use of the charter is focused on serving Circle and its affiliates. One source adds that custody or reserve-related services for institutional clients are not part of the initial rollout, but could be added later after the bank begins operating.
The reports also note that the handling of USDC reserves is expected to be introduced in a later phase rather than immediately at the bank’s opening. Together, the coverage indicates that Circle’s bank charter is approved by the OCC and will start with limited internal scope, with potential expansion over time depending on subsequent implementation and regulatory steps.
