Circle Internet Group (NYSE: CRCL) said on July 10 that it received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, a step that brings the infrastructure behind USDC under direct federal banking supervision.

Circle secures OCC conditional approval to charter First National Digital Currency Bank, N.A., bringing USDC reserve management under federal oversight.

Circle wins final OCC approval for First National Digital Currency Bank, with USDC reserve management planned for a later phase.