Circle Wants Its Own Bank To Control USDC Reserves

Key Takeaways

• Circle has applied to the U.S. Office of the Comptroller of the Currency (OCC) to launch a national digital currency bank.
• The application is meant to align Circle’s operations with new U.S. legislation, including the GENIUS Act.
• It follows Circle’s explosive NYSE debut, with CRCL shares up 485% in under a month.

Circle is doubling down on its vision to bring digital finance into the regulatory mainstream, this time by becoming a bank.

Fresh off its blockbuster IPO, the company behind the USDC stablecoin has applied to establish the First National Digital Currency Bank , N.A., a federally regulated trust institution that would directly manage USDC reserves and provide custody services to institutions.

Circle Aims To Build the First USDC Bank

The goal? Bring stablecoin operations under the same federal oversight as traditional banks, and get ahead of upcoming legislation that could reshape the digital dollar landscape.

If approved by the OCC, Circle’s trust bank would act as the official custodian of USDC reserves.

It would also serve as a regulatory anchor as stablecoins like USDC become increasingly integrated into everyday financial infrastructure.

“Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient, and accessible,” said Circle CEO Jeremy Allaire.

Anchorage Digital is the only crypto-native firm with a federal trust charter. Circle hopes to join that list and, in doing so, secure long-term regulatory clarity.

Riding the Wave of New U.S. Crypto Laws

Circle’s bank application arrives at a critical moment in U.S. crypto policy.

With the GENIUS Act expected to shake up stablecoin regulation, Circle appears eager to align itself ahead of the curve.

In a statement, the company said a federal charter would help meet likely GENIUS Act requirements and “represent a meaningful step forward in integrating digital assets into the broader U.S. financial system.”

Circle already has a long track record of working with regulators.

It received the first BitLicense from New York in 2015, became the first global issuer to comply with Europe’s MiCA stablecoin rules in 2024, and got greenlit to operate in Abu Dhabi in 2025.

All This After a Blistering IPO

The bank application also caps off a massive month for Circle.

The company listed on the NYSE under the ticker CRCL on June 4. Since then, its stock has skyrocketed, rising 485% to $181.30 in just four weeks.

That rally has caught Wall Street’s attention. Barclays, Bernstein, and Needham Analysts issued bullish coverage with price targets north of $200.

However, not everyone is convinced. JPMorgan and Goldman Sachs flagged valuation concerns.

Still, the combination of regulatory momentum, market enthusiasm, and now a potential digital currency bank gives Circle a first-mover edge in the next phase of stablecoin evolution.