Circle Secures New York Trust Charter for Subsidiary
Circle, a leading digital financial services company, has secured a New York trust charter for its subsidiary, Circle Internet Trust Company LLC. This move marks a significant milestone for the company, which aims to leverage the regulatory clarity that comes with this charter.
The charter was issued by the New York Department of Financial Services (NYDFS), allowing Circle's subsidiary to exercise fiduciary powers and conduct activities such as custodial services, investment management, corporate trust, transfer agency, and securities clearance. This is a key development for Circle, which has been focused on expanding its services in the US market.
Circle was previously granted a BitLicense by the NYDFS in 2015, allowing it to conduct virtual currency business in New York. The company issues the US dollar-pegged stablecoin USDC, with a market capitalization of $71.8 billion, making it the second-largest stablecoin behind Tether USDt (USDT) and the fifth-largest cryptocurrency.