TechFlow news, July 1 — According to Decrypt, on July 1, Circle, the issuer of the USDC stablecoin, announced it has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank named "First National Digital Currency Bank, N.A." The bank would oversee the management of USDC reserves. With a market capitalization exceeding $61 billion, USDC is currently the second-largest stablecoin in the market.
Circle CEO Jeremy Allaire said: "Establishing this type of national digital currency trust bank marks a significant milestone toward our goal of building a transparent, efficient, and accessible internet financial system." He added that the move will align Circle with emerging U.S. stablecoin regulations, including the recently passed Senate GENIUS Act.
