Today is a historic day for Circle, and I think symbolic of a much bigger evolution in the architecture of the emerging internet financial system. Circle has received final approval from the OCC to operate as a national trust bank. We have been granted a charter for First National Digital Currency Bank, NA. Over 10 years ago, as we were forging the concepts of Circle, we believed a new kind of national bank would ultimately be needed to issue full-reserve dollar digital currency. This was before USDC even existed. The vision was clear: a new base layer of money on the internet would be necessary, and for it to reach widespread use, it needed to operate under national banking supervision. Years later, after launching USDC and achieving strong product-market fit, I wrote that we sought a charter for a full-reserve digital currency bank. Then, through a half-decade of work with policymakers and regulators, we saw the GENIUS Act codify into federal banking law a framework for these safe, efficient, and technologically superior digital dollars. Launching and operating as Circle National Trust, we will offer custodial services for digital assets, including stablecoins and other tokenized assets, held to the highest standards afforded under Federal national trust bank supervision. As the GENIUS Act approaches full implementation in early 2027, we are now poised not only to be supervised by the OCC, as required by law, but to bring critical components of USDC's operation and reserves into this structure. This is all part of building a new fundamental money layer for the internet. A layer that can scale from an AI agent paying another AI agent in fractions of a second for fractions of a cent, to retail transactions, to investments, trading and lending, to the largest wholesale transactions between global systemically important institutions. All of this needs a form of money and regulated infrastructure that can support the entirety of this new internet-native economic system. A new architecture for money on the internet has arrived. It is now being hardened into an edifice the world can trust and build on. We are thrilled to be the first of a new cohort of firms establishing this kind of banking infrastructure. Jeremy

Circle has received final OCC approval to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust. A major U.S. regulatory milestone that strengthens USDC infrastructure through federally regulated custody, with reserve management planned as a future capability. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.” - @jerallaire