Circle obtains New York trust charter for USDC issuance

Circle, the financial technology company behind the USDC stablecoin, has received a limited-purpose trust charter from the New York Department of Financial Services, the company announced on July 31, 2026. The approval allows Circle Internet Trust Company LLC to operate as Circle New York Trust, adding a significant state regulatory layer to its operations in a jurisdiction the company calls its global headquarters.

The New York charter authorizes the company to provide selected fiduciary services, including digital asset custody and the issuance of stablecoins, but it cannot accept general deposits or make loans like a traditional bank. This development follows the company's recent federal approval from the Office of the Comptroller of the Currency, granted on July 10, to establish a national trust bank. Together, these approvals create a complementary but distinct dual-track regulatory framework for Circle's expanding operations.

CEO Jeremy Allaire described earning the New York trust charter as a longstanding objective, citing the regulatory clarity it provides. He stated the approval reflects over a decade of regulatory commitment and positions USDC within a strong,...