Fresh off its successful IPO, Circle has now formally filed to become a US national trust bank, hoping to grow its custodial services and solidify its position at the top of the emerging stablecoin market.

According to the statement, Circle plans to launch a new entity called First National Digital Currency Bank, pending approval from the Office of the Comptroller of the Currency (OCC). The decision follows the efforts of US legislators to introduce stricter regulation of stablecoins, as the GENIUS Act is currently passing through Congress.

If approved, the trust bank license would allow Circle to custody a portion of its USDC reserves and offer services for tokenized stocks and bonds—though not Bitcoin or Ethereum. Currently, Anchorage Digital is the only crypto firm with a national trust license.

Circle CEO Jeremy Allaire called the move a natural next step after going public. “Becoming a national trust company is a continuation of our commitment to transparency, trust, and compliance,” he said.

Circle stock (CRCL) closed flat in its latest session, up 0.48% at $181, but slipped to $178 in after-hours trading. The company made headlines earlier this month when its stock soared 167% on debut.
Meanwhile, Circle’s USDC stablecoin continues to gain traction. Shopify recently integrated USDC for payments, and Sam Altman’s World Chain is using it as its payment layer, signaling growing trust in Circle’s ecosystem.

With regulatory clarity on the horizon, Circle’s banking move could give it a serious edge over rival stablecoin issuer Tether.