Mentioned:
Circle has a new ambition: the banking business.
What’s happening:
- Circle Internet Group (NYSE: CRCL) has officially received approval from the United States Office of the Comptroller of the Currency to establish a national trust bank known as Circle National Trust
Why it matters:
- Circle Internet Group is one of the first major stablecoin companies in America to win regulatory approval to operate a national trust bank
Going deeper:
- The new approval from the United States Office of the Comptroller of the Currency will allow Circle Internet Group to be able to hold their stablecoin USDC’s cash and digital asset reserves within their own regulated bank
- Circle Internet Group has also publicly stated that Circle National Trust may offer digital asset custody services to institutions
