Circle gets an OCC bank charter as stablecoin competition heats up, shares surge 14%

Circle shares surged more than 14% premarket after the U.S. Office of the Comptroller of the Currency approved the company to operate as a trust bank under Circle National Trust. The charter lets Circle directly manage reserves backing its regulated stablecoins, especially USDC, which has over $73 billion in circulation. The move reduces reliance on third-party banks and custodians and strengthens Circle’s position as regulated crypto infrastructure for institutions. It also highlights intensifying competition in the stablecoin market, as other crypto firms and traditional financial institutions seek similar regulatory footing amid the GENIUS Act’s federal framework for payment stablecoins. While the approval expands Circle’s operational control and credibility, it does not allow commercial banking activities like taking deposits and making loans.