ARK Invest Loads Up On Circle Shares After New York Trust Charter Approval

ARK Invest has added $6.83 million worth of Circle shares to its portfolios through three exchange-traded funds (ETFs) after Circle secured a New York trust charter.

The approval from the New York Department of Financial Services allows Circle's USDC infrastructure to operate under stricter regulations, providing an additional layer of oversight for the company's stablecoin activities.

Circle plans to gradually transfer its USDC issuance activities to the New York trust entity while maintaining custody and collateral trustee services through its federal trust bank.