The state charter complements the OCC approval granted on July 10, which authorized Circle to launch First National Digital Currency Bank, N.A., operating as Circle National Trust. That entity will provide fiduciary digital asset custody for Circle and its affiliates at launch, with future plans to bring USDC reserve management under direct federal oversight. A national trust bank cannot accept consumer deposits or make loans, but it can hold customer assets under OCC supervision.
Circle's USDC had a market capitalization exceeding $71.8 billion at the time of the NYDFS announcement, making it the second-largest stablecoin globally. The company's shares traded around $64.24 on the morning of July 31, flat on the session, after a period of volatility that saw the stock reach a two-month high of $131.76 earlier in July.
Several other crypto firms already hold NYDFS limited purpose trust charters, including Coinbase, MoonPay, BitGo, and Paxos. Circle's addition to that list reinforces a trend where the largest stablecoin issuers are stacking state trust licenses alongside emerging federal charters. The GENIUS Act, enacted in July 2025, established a federal framework for payment stablecoins and set a July 2026 deadline for final rules from multiple agencies, accelerating the push for bank-adjacent regulatory structures.