Circle Wins OCC Final Approval to Establish U.S. Trust Bank, USDC Circulation Hits $73.2B

According to the U.S. Office of the Comptroller of the Currency (OCC), Circle Internet Group received final approval on July 10 to establish a federally regulated National Trust Bank. The bank will provide digital asset custody and trust services under federal oversight, initially serving Circle and its affiliates before expanding to institutional clients including traditional banks and regulated financial institutions.

Circle's stablecoin USDC currently has a global circulation of $73.2 billion, ranking second in the U.S. dollar-backed stablecoin market. Circle's stock rose 4.97% to $66.14 on July 10, reflecting the milestone in crypto's integration with traditional finance.