Circle’s proposed national trust bank would be named First National Digital Currency Bank, N.A., upon approval by the Office of the Comptroller of the Currency (OCC)

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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.

Circle is seeking to establish First National Digital Currency Bank, N.A., which would fall under OCC oversight and supervise management of the reserves that underpin USDC, the second-largest stablecoin by market cap with over $61 billion worth of dollar-pegged tokens in circulation.