Circle (CRCL) has received a limited-purpose trust charter from the New York Department of Financial Services for Circle Internet Trust Company LLC, doing business as Circle New York Trust, the company said Friday.
The charter further solidifies a regulatory foundation for Circle and its (USDC) stablecoin in the state, which the company calls its global headquarters.
It arrives weeks after Circle secured final approval from the Office of the Comptroller of the Currency to establish a national trust bank, as The Block reported.
Federal and state approvals It’s important to note that the two approvals sit at different levels of the U.S. system.
The OCC clearance, granted on July 10, established First National Digital Currency Bank, N.A., operating as Circle National Trust, under federal oversight for fiduciary custody of digital assets.
