Circle applies for national trust bank license to expand USDC reserve custody

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Circle seeks to obtain the National Trust Bank to manage its USDC reserves and provide a distinctive asset custody.
The move comes at a time when President Trump expects Congress to advance

circle Day As for the National Charter at Bank Trust with the US Currency Financial Office, with the aim of expanding his ability to custody of digital assets and USDC Stablecoin reserves.

The company’s move comes after the public subscription on June 5, which gave Circle a primary roof of the market with about $ 6 billion. As its shares are now trading at $ 181, the company’s value is currently estimated at about $ 44 billion.

The proposed entity, the first national currency bank, NA, will enable the department directly from USDC and provide digital assets custody services to institutional customers, although it will not deal with cash deposits or lending.

“The establishment of a national banking bank of this type represents a great milestone in our goal in building a financial, transparent, effective and accessible financial system,” said co -founder, head and CEO of Circle in a press statement.

Blackrock and Bny Mellon currently manages USDC reserves for Curce Circle. While the New Trust Bank will take over the reserve management, Circle intends to maintain relationships with the main banks of parts of its property. Allaire indicated that the bank will focus on distinctive shares and bonds instead of digital assets such as Bitcoin or Ether.

This expansion comes at a time when legislators are advancing. The draft law, which has approved the Senate and is expected to remove the House of Representatives this summer, will require Stablecoins to maintain liquid asset support and provide monthly backup disclosure. President Trump is expected to sign the law.

Many brokerage firms began covering the shares department this week, with the release of Barclays, Bernstein and Kloor, ups and price goals exceeding $ 200. JPMorgan and Goldman Sachs expressed their concerns about the company’s evaluation after doubling the post -casual view.