USDC stablecoin issuer Circle has applied for a license to establish its own national trust Bank in the US. According to a Monday announcement, Circle is looking to establish First National Digital Currency Bank. The USDC issuer has formally submitted an application to the Office of the Comptroller of the Currency (OCC).

If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight. The bank would oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer. In addition, a federally regulated trust charter would help Circle meet expected requirements under the proposed GENIUS Act legislation. The stablecoin regulation bill mandates $1 reserves for every $1 of stablecoins and compliance with anti-money-laundering rules. Many in the crypto industry expect to pass in the coming months.

“Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient, and accessible,” said Circle Co-Founder, Chairman, and CEO Jeremy Allaire. “By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging U.S. regulations for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar and support the development of crucial, market-neutral infrastructure for the world’s leading institutions to build on.”

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Shares in Circle’s stock since its IPO are skyrocketing, and that trend is continuing on Monday. CRCL stock is up over 2% on Monday, including gains after trading hours. If the application is approved, Circle would become the second crypto firm with a charter in the US after Crypto platform Anchorage Digital.

Furthermore, if the GENIUS Act passes the House, Circle (CRCL) could see another big rally too. President Trump will most likely sign the bill when presented to him. Trump has been very vocal about his support for the crypto industry. Trump and pro-crypto SEC head Paul Atkins could together make the crypto environment in the US bloom.