Circle wins final regulatory approval to establish US trust bank, shares rise

Circle Internet Group received final approval from the US Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, a federally chartered trust bank. The charter allows Circle to act as custodian for its own reserves and hold crypto assets on behalf of institutional clients, placing it under direct federal oversight. The company, which issues the USDC stablecoin valued at about $73.2 billion, saw its shares rise on the news; the stock is down 20.5 percent year-to-date with a market cap of about $15.7 billion.