Circle is pursuing a US national banking license to launch First National Digital Currency Bank, N.A., enabling it to custody USDC reserves and offer secure services to institutional clients

Quotes that support claims

The firm has filed an application to become a national trust bank in the United States.

USDC’s issuer is also seeking a U.S. national banking license from the Office of the Comptroller, a regulatory nod that would allow Circle to custody its own stablecoin reserves.

If approved by the Office of the Comptroller of the Currency, the new entity, called First National Digital Currency Bank, N.A., would allow Circle to act as a custodian for its reserves and offer secure digital asset services to institutional clients.