Circle has just received the final approval from the Office of the Comptroller of the Currency (OCC) to establish the First National Digital Currency Bank, which will operate under the name Circle National Trust.

The conditional approval received last December has now been upgraded to final approval.

This license mainly does three things.

First, it custodies digital assets. Initially, it will primarily serve Circle itself and its affiliated companies, with plans to offer custody services to banks and a small number of regulated institutions in the future.

Second, it integrates Circle’s custody business into the federal banking regulatory framework of the OCC, where capital, risk control, asset segregation, corporate governance, and anti-money laundering will all be regulated by the OCC.

Third, it prepares for the future management of USDC reserves. Circle currently states this is a future capability; reserves management will not immediately transfer to this bank.

Circle is applying for a national trust bank, focusing its business on custody and fiduciary management, and will not accept deposits from ordinary consumers, nor can it engage in traditional commercial lending.

This time, $CRCL has its own federally regulated custody bank, allowing the custody of USDC and future reserves management to enter the U.S. banking regulatory system, making it easier for banks and large institutions to access USDC compliance, which is certainly good news for Circle.

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