USDC issuer Circle announced that it has received approval from the US Office of the Comptroller of the Currency (OCC) for the establishment of its federal trust bank, 'Circle National Trust'. This means that USDC custody will be federally regulated through the trust bank. The trust bank is expected to provide custody services to some institutional clients, such as banks and derivatives dealers, depending on future demand, and will also be responsible for managing the reserves backing USDC. Circle submitted its application to the OCC in June last year and received conditional approval in December.
