Circle Internet Group has applied for a national trust charter, aiming to establish a national trust bank called First National Digital Currency Bank, N.A. If the application is approved by the Office of the Comptroller of the Currency (OCC), the bank would oversee the management of the reserve of the USDC stablecoin on behalf of Circle’s U.S. issuer. First National Digital Currency Bank, N.A. would also offer digital asset custody services to institutional customers. For Circle, the charter would also help it meet the expected requirements of the proposed stablecoin legislation, the GENIUS Act. “By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,” Circle Co-founder, Chairman and CEO Jeremy Allaire said. “Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world’s leading institutions to build on.” Becoming a publicly traded company requires Circle to comply with a higher standard of regulatory oversight, including audits, disclosures and governance practices.