On June 30, 2025, Circle Internet Group, the issuer of the USDC stablecoin, applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This move follows its recent initial public offering (IPO).
The IPO, which took place on June 5, 2025, valued the company at approximately $18 billion. The proposed entity, named First National Digital Currency Bank, N.A., would allow Circle to act as a custodian for its reserves and hold cryptocurrency assets for institutional clients.
The stock rose as much as $103.75, compared to an IPO price of $31 each, and was halted multiple times for volatility amid frenetic trading. Currently, Anchorage Digital is the only digital asset company that holds a national trust bank charter in the United States. (Source: Reuters, June 27, 2025)