Circle Applies To Launch National Trust Bank

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Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer. 

If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday.

Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of…



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Circle Applies To Launch National Trust Bank


Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer. 

If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday.

Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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