Circle receives New York trust charter as stablecoin adoption grows

Circle Internet Group has been granted a limited purpose trust charter by the New York Department of Financial Services (NYDFS) for Circle Internet Trust Company LLC, which will operate as Circle New York Trust, according to a Friday press release. The milestone expands Circle’s regulatory framework and reinforces its focus on compliance, transparency and customer protection. Earlier this month, the company obtained approval from the US Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A. The approval follows Circle’s long-standing relationship with NYDFS, dating back to 2015 when it became the first company to receive a BitLicense. According to Circle CEO Jeremy Allaire, the trust charter has been a key strategic goal as it provides greater regulatory clarity and places USDC within one of the world’s most respected digital asset regulatory frameworks. Circle said the charter demonstrates its continued commitment to safety, transparency and regulatory compliance as digital dollars gain broader adoption. Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial ...