<ul data-eligibleForWebStory="true"><li>Circle, the issuer of the USDC stablecoin, has applied to become a national trust bank in the US to oversee its stablecoin reserve.</li><li>The move is seen as a way to strengthen oversight of the USDC Reserve and enhance infrastructure supporting the USD-pegged stablecoin.</li><li>After a successful IPO, Circle seeks to become an OCC-regulated company to comply with upcoming regulations like the GENIUS Act.</li><li>Circle is not the only cryptocurrency firm seeking a national banking charter in the US; other firms, including the crypto unit of Fidelity, have applied for the same licence.</li></ul>

Circle Moves to Become a US National Trust Bank after Bumper IPO

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