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Circle secures New York trust charter for USDC stablecoin
Circle Internet Group announced that the New York Department of Financial Services (NYDFS) has granted the company a limited‑purpose trust charter for its subsidiary Circle Internet Trust Company LLC, operating as Circle New York Trust. The charter authorises fiduciary, custodial and asset‑management services for digital assets, but does not allow the entity to take consumer deposits or make loans.
The approval follows Circle’s earlier federal authorization from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, creating a dual state‑federal regulatory framework for the USDC stablecoin, the world’s second‑largest with a market value of about $71.8 billion. CEO Jeremy Allaire called the NYDFS charter a longstanding objective that provides regulatory clarity and positions USDC within a respected framework as digital dollars become central to the global financial system. While the regulatory milestone was welcomed, Circle’s shares fell between 1% and 5% in pre‑market trading, reflecting broader market volatility.
The charter places Circle among a small group of crypto firms—such as Coinbase, Paxos, BitGo and MoonPay—that have secured similar NYDFS trust charters, underscoring the growing emphasis on regulated stablecoin issuance.
Entities
Circle Internet Group · Jeremy Allaire · New York · New York Department of Financial Services · Office of the Comptroller of the Currency · USDC
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Circle’s shares fell between 1 % and 4 % after the charter announcement. www.criptotendencias.com · newsable.asianetnews.com · watcher.guru
- [● 7 SOURCES] Jeremy Allaire said obtaining the New York trust charter had been a longstanding objective for Circle. newsbit.nl · coinacademy.fr · coinpaper.com · crypto.news · coingape.com · +2 more
- [● 8 SOURCES] Circle Internet Group received a limited‑purpose trust charter from the New York Department of Financial Services for Circle New York Trust. newsbit.nl · coinacademy.fr · coinpaper.com · crypto.news · coincu.com · +3 more
- [● 8 SOURCES] Circle previously received OCC approval to establish a national trust bank for digital‑asset custody. newsbit.nl · coinacademy.fr · coinpaper.com · crypto.news · coincu.com · +3 more
- [● 7 SOURCES] Circle was the first company to receive a BitLicense from NYDFS in 2015. newsbit.nl · coinacademy.fr · coinpaper.com · crypto.news · coingape.com · +2 more
- [● 8 SOURCES] The NYDFS charter permits Circle to offer fiduciary, custody and asset‑management services for digital assets in New York. newsbit.nl · coinacademy.fr · coinpaper.com · crypto.news · coincu.com · +3 more
- [● 2 SOURCES] USDC is the second‑largest stablecoin with a market capitalisation of over $71 billion. newsbit.nl · coinpaper.com