Paxos and Protego previously attempted to secure Office of the Comptroller of the Currency (OCC) trust bank charters but failed to convince the crypto-wary regulator before their provisional approvals lapsed

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A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of Anchorage Digital, which previously secured trust bank status to offer crypto-related services nationwide. Others, like Paxos and Protego, had previously attempted to follow suit but ultimately failed to convince the crypto-wary regulator before their provisional approvals lapsed.