Circle Internet Group, the global financial technology company and issuer of the USDC stablecoin, has secured a limited purpose trust charter from the New York Department of Financial Services (NYDFS).

 

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With this approval, Circle Internet Trust Company LLC, Circle's trust subsidiary, can now operate as a regulated New York trust company, providing fiduciary, custody, and asset management services.

 

However, because the charter is limited in purpose, Circle will not be able to accept traditional customer deposits or make loans like a full service commercial bank.

 

"Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it," said Jeremy Allaire, Circle's co-founder and CEO.

 

"NYDFS is an international standard setter for digital asset regulation, and New York is Circle's global headquarters. This charter reflects more than a decade of regulatory commitment and positions USDC within a strong, respected framework as digital dollars become central to the global financial system."

 

Circle's New York trust charter comes shortly after it received approval for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC) last month. The OCC charter allows Circle to establish and operate a national trust bank focused on fiduciary digital asset custody services under federal oversight.

 

Commenting on the national trust bank charter, Allaire said the move was pivotal to bringing blockchain technology and digital assets into the core of the U.S. financial system.

 

"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," he said.