Story perspectives

OCC Approves Circle National Trust, USDC Hits $73 B

7/11/2026

Summary

Circle Gets OCC Approval

U.S. OCC granted Circle final approval on July 10 2026 to create Circle National Trust.
Circle National Trust will initially provide fiduciary digital-asset custody for Circle and its affiliates.
The bank is prohibited from accepting consumer deposits or making traditional loans.
Circle applied June 30 2025, got conditional approval December 2025, and expects to open after July 10.
Shares rose 15.6% pre-market, ended 5.7% higher, with USDC at $73.2 billion.

Summary

Circle Reserve Decline

Circle earned $652.5 million in reserve-income last quarter, equal to 94% of its revenue.
The reserve-income rate fell to 3.5% year-over-year, tying earnings to interest-rate movements.
A Coinbase distribution agreement limits the portion of reserve income Circle retains, adding revenue risk.
The July 2025 GENIUS Act forces 100% of reserves into cash or short-term Treasuries and requires monthly disclosure; USDC circulation rose from $73 billion in July 2026 to $77 billion at Q1 2026.

Summary

Circle Secures Charter

Circle secured an OCC charter, giving it a single regulator and ending compliance with up to 50 state rulebooks.
SWIFT formed a 17-bank blockchain consortium for 24/7 payment rails, while over 140 firms—including BlackRock, Coinbase and Visa—joined the Open USD stablecoin project that distributes reserve yields.
Analysts say Circle’s National Trust could act as a regulated bridge linking banks and fintechs, accelerating institutional digital-dollar settlements.

History

Historical Context

After New York introduced its BitLicense in 2014, the state’s Department of Financial Services granted Gemini a limited-purpose charter in October 2015 and approved its GUSD stablecoin on September 10 2018, setting a regulatory benchmark. Circle’s July 2026 OCC charter mirrors that model, consolidating state licenses and requiring full cash backing for USDC—a shift echoed by Gemini’s $5 million 2025 settlement with the CFTC, signaling tighter oversight.

1 of 4

Circle Gets OCC Approval

U.S. OCC granted Circle final approval on July 10 2026 to create Circle National Trust.
Circle National Trust will initially provide fiduciary digital-asset custody for Circle and its affiliates.
The bank is prohibited from accepting consumer deposits or making traditional loans.
Circle applied June 30 2025, got conditional approval December 2025, and expects to open after July 10.
Shares rose 15.6% pre-market, ended 5.7% higher, with USDC at $73.2 billion.

1 / 4