Circle, the issuer of USDC, secures a New York trust charter as the stablecoin's market value tops $71.8 billion

Circle Internet Group, the issuer of USDC, the world's second-largest stablecoin, announced on Friday 31 July 2026 that it has secured a limited purpose trust charter from the New York Department of Financial Services (NYDFS). The charter is an official state banking authorization that allows its holder to legally provide fiduciary, custody and asset-management services under New York Banking Law.

Jeremy Allaire, co-founder and chief executive of Circle, said earning a New York trust charter had long been an objective for the company given the regulatory clarity that comes with it. Circle's stock traded flat at $64.24 on Friday morning, and the market capitalisation of the USDC stablecoin has passed $71.8 billion.

Earlier this month Circle also received approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank. National trust banks may provide custody and fiduciary services but, unlike traditional commercial banks, do not accept consumer deposits or make loans. Circle said the national bank would enhance the safety and regulatory oversight of the USDC reserve. Several other firms, including Coinbase, Moonpay, Bitgo and Paxos, had obtained the same charter from the New York regulator before Circle. Stablecoins are the most widely used crypto instrument in Iran's market, and a tightening regulatory framework for their issuers bears on the structure of that market.