Circle Adds Key New York Trust Charter Amid Growing Regulatory Presence

Circle Internet Trust Company has added a New York trust charter to its growing slate of licenses. The company, which operates as Circle New York Trust, received a limited purpose trust charter from the New York State Department of Financial Services (NYDFS) on July 31.

A limited purpose trust company is chartered under the bank and trust company provisions of New York banking law but without the general power to take deposits or make loans. This charter supports custody and fiduciary-style activity, which is often crucial for crypto companies.

Circle's new charter joins its existing BitLicense, received from NYDFS in 2015, and deepens the regulatory foundation for Circle and its USDC stablecoin. Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, stated that the charter reflects over a decade of regulatory commitment and positions USDC within a strong framework.