Circle Applies for US Banking License for USDC

Circle Applies for US Banking License for USDC

In Summary

  • Circle applies for U.S. national banking license to custody USDC reserves
  •  License would enable federally regulated crypto asset services via new bank entity
  •  Move follows Circle’s record-setting IPO earlier this month
  • Analysts expect Circle’s USDC to gain edge under GENIUS Act framework


Catenaa, Tuesday, July 1, 2025-Circle Internet Group has applied for a national banking license in the United States, signaling a critical step in the stablecoin issuer’s push into regulated finance.

The license would allow Circle to custody its own USDC reserves and offer crypto asset services to institutional clients under a federally chartered entity named First National Digital Currency Bank, NA.

The move follows Circle’s blockbuster initial public offering on June 5, which saw shares soar 167% on debut.

The IPO was 25 times oversubscribed and priced at $31 per share. Circle now commands a market capitalization exceeding $40 billion, with its stablecoin USDC holding a market value of $61.5 billion.

While the banking license would not permit Circle to accept cash deposits or issue loans, it would place the firm under direct supervision of the US Office of the Comptroller of the Currency (OCC).

That oversight would enable Circle to operate more deeply within the legacy financial system and potentially become the central custodian for USDC, the second-largest stablecoin by market cap.

Circle has previously denied pursuing alternate charter types such as industrial or national trust licenses.

The application comes amid growing bipartisan support in Washington for stablecoin regulations under the GENIUS Act, which analysts say could favor Circle’s compliance-first approach.

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