July 10 (Reuters) - Circle said on Friday it has received a final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, sending the stablecoin giant's shares surging 10% in premarket trading.
Here are some details:
• The charter allows Circle to act as custodian for its own reserves and hold crypto ****** ets on behalf of institutional clients.
• "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital ****** ets into the core of the U.S. financial system," Circle CEO Jeremy Allaire said in a statement.
• Circle said the approval places its trust bank under direct federal oversight by the OCC, the primary regulator for lenders and national trust banks.
Here are some details:
• The charter allows Circle to act as custodian for its own reserves and hold crypto ****** ets on behalf of institutional clients.
• "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital ****** ets into the core of the U.S. financial system," Circle CEO Jeremy Allaire said in a statement.
• Circle said the approval places its trust bank under direct federal oversight by the OCC, the primary regulator for lenders and national trust banks.
4 months ago
