Circle Internet Financial has received final regulatory approval to establish First National Digital Currency Bank, a federally chartered national trust bank. The approval marks the first time a major stablecoin issuer has secured this class of federal banking license in the United States. Circle is the issuer of USDC, the second-largest stablecoin by market capitalization.
A federal trust bank charter puts Circle under direct federal oversight, which increases institutional confidence in USDC as a reserve asset and settlement layer. This is likely to accelerate USDC adoption in traditional finance, particularly among banks and payment processors that require counterparties to hold regulated status. Competing stablecoin issuers without equivalent charters face a harder sell to compliance-driven institutions.
Next US Senate stablecoin legislation vote, expected in July 2025. Next USDC market cap and circulation data, released weekly by Circle.
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