Circle (CRCL) has received final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., the company said Friday.
The bank will operate under the name Circle National Trust and will be subject to direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.
Custody first, reserves later
Upon opening, Circle National Trust will offer fiduciary digital asset custody services to Circle and its affiliates.
Its OCC-approved business plan leaves room to expand that. Depending on demand, the bank may eventually extend custody directly to a limited number of institutional customers, focusing on banks and other financial institutions.
