Circle Internet Group Inc. (NYSE:CRCL) President Heath Tarbert called the company’s newly approved national trust bank a "historic" milestone for the company and the U.S. crypto industry.
The ‘Historic Milestone’
Speaking on Fox Business on July 13, Tarbert said Circle has become the first digital asset company in U.S. history to receive approval for a federal trust bank, allowing it to directly manage the reserves backing its USDC (CRYPTO: USDC) stablecoin under federal oversight.
The newly launched Circle National Trust Bank will not accept consumer deposits or issue loans.
Instead, it will initially oversee USDC reserves and provide digital asset custody services, with plans to eventually expand custody offerings beyond Circle’s affiliated entities.
