Circle would not be permitted to conduct traditional banking activities such as making loans or taking cash deposits under a national trust bank charter

Quotes that support claims

Per Reuters, which first reported the move, Circle would not be able to conduct certain banking activities like making loans or taking cash deposits with this kind of charter. However, it would allow Circle to effectively oversee its own reserves—with OCC oversight—and take custody of assets for institutions.

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.