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Channel NewsAsia
Channel NewsAsia
AsiaPac · 3 hrs ago
Circle wins final regulatory approval to establish US trust bank, shares rise
July 10 : Circle said on Friday it has received a final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, sending the stablecoin giant's shares surging 10 per cent in premarket trading.Here are some details: • The charter allows Circle to act as custodian for its own reserves and hold crypto assets on behalf of institutional clients.• "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," Circle CEO Jeremy Allaire said in a statement. • Circle said the approval places its trust bank under direct federal oversight by the OCC, the primary regulator for lenders and national trust banks.• As regulatory hurdles eased, dig
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