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Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer.
If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday.
Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of…
