Circle Secures New York Trust Charter, Expanding USDC Regulatory Framework

Circle Internet Trust Company LLC received a limited‑purpose trust charter from the New York Department of Financial Services (NYDFS). The charter creates Circle New York Trust, a state‑regulated trust company that can manage assets for third parties without needing a separate money‑transmission license, though it cannot accept deposits or make loans. The approval follows Circle’s recent Office of the Comptroller of the Currency (OCC) authorization for a national trust bank, giving the firm complementary state and federal oversight for its USDC stablecoin.

CEO Jeremy Allaire said the NYDFS charter provides long‑sought regulatory certainty and places USDC within a “strong, respected framework.” The new structure does not alter how USDC functions but is expected to shift issuance responsibilities to the New York trust, while the OCC‑supervised national trust will continue to manage USDC reserves and collateral.

Circle’s regulatory milestones, including a 2015 BitLicense and expansions into the EU, UK, Singapore, Bermuda, Canada and Abu Dhabi, underscore its strategy to build a regulated infrastructure for institutional digital‑asset services.