USDC reserves are currently managed by BlackRock and held by BNY, but Circle’s charter application would allow it to act as custodian of its own reserves instead of institutional clients

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Crypto platform Anchorage Digital was the first digital assets firm to receive an OCC charter back in 2021. BlackRock currently manages USDC reserves, which are held by BNY.
A U.S. Office of the Comptroller of the Currency license would enable Circle to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. However, Reuters says the license would not allow Circle to take cash deposits or make loans like traditional banks.