Circle Internet secures final OCC approval for national trust bank

Circle Internet Group has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank operating as Circle National Trust. The confirmation, dated July 10, 2026, concludes a regulatory process that began with conditional approval in December 2025 and places the new entity under direct federal oversight.

The newly authorised bank will initially provide fiduciary digital asset custody services for Circle and its affiliates. The institution has indicated that it may eventually extend these custody services to a limited number of external institutional customers, marking a significant expansion of its operational scope within the digital asset sector.

Clear Street analyst Owen Lau described the approval as a milestone for the industry, noting that it allows Circle to offer traditional banking services that were previously accessible only to large banks. Lau highlighted that the licence enables three distinct functions: federally regulated fiduciary digital-asset custody, direct institutional custody, and USDC Reserve management.

Following the announcement, Circle shares rose approximately 7% in midday trading. Clear Street attributed the move to a prior overshoot to the downside caused by competition from OUSD, alongside the potential for the new entity to capture additional revenue streams in the longer term. The firm maintains a Buy rating on the stock with a $157 price target.

Market sentiment had already shifted positively prior to the final approval. On July 8, US Tiger analyst Bo Pei upgraded Circle Internet from Hold to Buy with a $100 price target, arguing that concerns regarding stablecoin competition had been over-discounted by the market. Circle Internet Group continues to operate as a platform and market infrastructure provider for stablecoin and blockchain applications.