Summary
Circle received final OCC approval on July 10, 2026 for First National Digital Currency Bank, N.A. (Circle National Trust), converting its December 2025 conditional approval. The OCC imposed conditions including: minimum $6.05M tier 1 capital (50% in Eligible Liquid Assets), 180 days of operating expenses in liquid assets, 60-day prior notice for business plan deviations, and pre-approval for senior executive officer appointments. The bank will initially offer fiduciary digital asset custody for Circle and affiliates, with future plans to manage the USDC Reserve under federal oversight. The charter does not permit deposit-taking or deposit insurance. Senator Elizabeth Warren has challenged the OCC's authority to grant such charters, calling them an apparent violation of the National Bank Act.
Key Points
- Final OCC approval: July 10, 2026 (conditional approval: December 12, 2025)
- Minimum capital: $6.05M tier 1 capital, 50% in Eligible Liquid Assets
- Operating expenses: 180 days in liquid assets
- Initial services: fiduciary digital asset custody for Circle and affiliates
- Future capability: USDC Reserve management under federal oversight
- No deposit-taking, no FDIC insurance
- Board includes: Daniel Fishman (President), Heath Tarbert, Amy Friend
- Circle also holds: French EMI (MiCA), UK, Singapore, Bermuda, Canada, Abu Dhabi licenses
- CRCL stock: ~$63 (July 9), down from 52-week high of $262.97
- Senator Warren: challenged OCC's authority to grant crypto trust charters