Stablecoin issuer Circle has applied with the Office of the Comptroller of the Currency to create a national trust bank.
The proposed First National Digital Currency Bank would, among other things, oversee Circle’s USDC reserve on behalf of its U.S. issuer.
If the application is approved, First National Digital Currency Bank would be allowed to operate as a federally regulated trust institution. Circle also said that the charter would also help it meet requirements under the proposed GENIUS Act.
While national trust banks can’t accept cash deposits or issue loans, they can offer custodial services and operate nationally under OCC oversight.
Wise, a publicly traded remittance and international payments company, also applied to form a non-depository national trust. Wise’s OCC application specified that it would leverage its charter to offer multi-currency accounts and payment processing solutions.
Circle and Wise, if successful, could gain access to a Fed master account. Wise, in particular, made it known in its application that it would seek that type of access.