Circle has secured approval to establish a US national trust bank, marking a significant step in the stablecoin issuer's push toward regulated financial infrastructure. Named Circle National Trust, the entity is structured to provide custody services rather than operate as a conventional bank. Under the charter's terms, Circle cannot accept ordinary customer deposits or issue loans, restricting its scope to fiduciary and custodial activities. Initially, the trust will focus on custody services for Circle and its affiliated companies. Broader functions, including custody for outside institutional clients and management of USDC stablecoin reserves, remain possibilities the company may pursue in the future. The move positions Circle to expand its regulated presence in the United States while operating within the boundaries set for trust institutions, distinguishing it from full-service commercial banks.
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