Circle Wins OCC Trust Bank Approval as Shares Swing

Circle Internet Group received formal approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the "Circle National Trust," the first national digital‑currency trust bank approved by the agency. The regulatory milestone is intended to allow Circle to operate deeper within the U.S. financial system as a regulated provider of digital‑asset banking and custody services.

Following the announcement, Circle’s shares surged more than 16% intraday to about $72.85 before retreating to the low‑$60 range, highlighting continued volatility as investors weigh the approval against growing competition from a newly launched stablecoin backed by roughly 140 financial institutions. Circle’s flagship USD Coin (USDC) remains the second‑largest stablecoin by circulating supply at about $73.7 billion.