Original | Odaily (@OdailyChina）
Author | Ethan (@ethanzhang_web3）
On June 30th Eastern Time, the stablecoin issuer and "first stablecoin stock" Circle (CRCL) announced that it has formally submitted an application to the Office of the Comptroller of the Currency (OCC), intending to establish a federal trust bank named "First National Digital Currency Bank, N.A."
According to Circle's official announcement, once approved, this bank will become Circle's first federally regulated custody entity, capable of independently managing its over $60 billion USDC reserve assets and providing digital asset (especially tokenized bonds and stocks) custody services for institutional clients.
Unlike traditional banks, this license does not allow cash deposit acceptance or loan issuance, and is more similar to a "federal trust company" model. Currently, only Anchorage Digital has obtained a similar license in the United States, and Circle may become the first stablecoin issuer with its own custody license.
Why Apply? Circle's "New Financial Architecture" Ambition Gradually Emerges
This is not a short-term business adjustment, but a comprehensive strategic advancement by Circle as a "stablecoin infrastructure provider".
The GENIUS Act, passed in mid-June, is driving stablecoins into an era of "regulated and compliant transparency", with clear requirements for asset custody isolation, transparent disclosure, and regulatory financial institution qualifications. (Recommended details: 'Reshaping Global Financial "Water, Electricity, and Coal": How Does the GENIUS Act Ignite Circle and Stablecoin "Regulatory Bull Market"?')
If approved to establish a federal trust bank, Circle can not only bypass traditional bank custody (such as the current New York Mellon Bank) but also circumvent external regulatory blind spots, taking back control of core assets and significantly enhancing business resilience.
Rather than applying for a license, it's more accurate to say Circle is building a future "digital dollar operating system". Whether it's USDC issuance, RWA custody, or payment settlement cooperation with Visa, Stripe, and others, it requires the stablecoin infrastructure to have stronger self-control and compliance attributes.
Circle's move is not just a change in custody rights, but also a self-establishment of its position as a "US dollar on-chain executor".
Market Commentary
After this news was announced, the industry generally believes that Circle's move is a "deep integration" with US regulation, and can even be seen as an important step in the "stablecoin nationalization" process.
Crypto investor and forex trader Mr. Man believes that if this license is approved, Circle will directly access the Federal Reserve payment system as a federally regulated trust bank. USDC will be able to move freely in and out of the Federal Reserve's financial pipeline like traditional clearing bank funds, no longer dependent on intermediary banks.
Technical analyst and crypto content creator ALLINCRYPTO states that once approved, Circle can directly provide digital asset custody for institutions, making it easier for mainstream enterprises to integrate USDC.
Some institutional investors believe that Circle is far ahead in the compliance track, especially after obtaining EU MiCA authorization and Abu Dhabi MSB principle license, the federal license under the "OCC+GENIUS" system will open the door to global central bank-level customers.
However, some voices remain cautious. Citi analysts say: "Although the long-term trend looks bullish, the stablecoin business model has not yet been fully validated, and Circle's current market value premium is already quite aggressive." According to data from S3 Partners, Circle's short position has been increasing daily since its listing and has become one of the most concentrated short targets in the US stock blockchain sector.
Conclusion: Circle Is Not Trying to Become a Bank, but to Redefine the "Bank of the Dollar"
What Circle wants to apply for is not the commercial bank we understand, but the architect of a new digital dollar financial carrier.
It doesn't provide loans, accept deposits, or interfere with the interest rate market, but focuses on basic services for on-chain dollars, on-chain assets, and on-chain settlements. Unlike Tether's focus on trading, Circle is betting on the infrastructure-level battlefield of how stablecoins will be incorporated by countries, institutions, and clearing systems in the next decade. (Recommended details: 'Circle and Tether Might Not Be Competing Species, Value Realization Hierarchy Model of Stablecoins Says So'）
IPO is a financing node, holding a license is the compliance cornerstone. Whether it can become the "on-chain dollar sovereign agent" now depends on whether this license is approved.
