Circle Internet Group Obtains New York Trust Charter
Circle Internet Group, issuer of USD Coin (USDC), has obtained a trust charter from the New York State Department of Financial Services. This authorization allows Circle to offer fiduciary services such as custody and asset management under state banking laws. The move aligns with broader regulatory efforts by crypto firms seeking legitimacy in traditional financial systems. Earlier this month, Circle also received approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. This dual authorization is expected to enhance oversight and safety around its stablecoin reserves. Other major players like Coinbase have similarly pursued such charters in New York. Despite these regulatory advancements, CRCL stock has dropped 67% over the past year, trading at $59.76 per share.