Circle applies to establish a national Digital Money bank, focusing on the custody of USDC and tokenization assets.

Gate News bot message, Reuters reported that stablecoin company Circle submitted an application to the Office of the Comptroller of the Currency (OCC) to establish "First National Digital Currency Bank, N.A." National Trust Bank. This application is one of the supporting measures for Circle's IPO plan.

After obtaining the license, Circle will have the independent custody rights for USDC reserves and will provide digital asset custody services for institutional clients. However, the license does not involve deposit acceptance and loan issuance.

Circle clearly stated that its future custody business will focus on assets such as tokenized stocks and bonds, rather than traditional cryptocurrencies.

Source: Reuters