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Circle Secures NY Trust Charter Amid Bitcoin's Drop to $64K

Guavy AI Editorial Team
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Circle Internet Group's (CRCL) stock fell by as much as 1.6% in pre-market trade on Friday, despite securing a limited-purpose trust charter from the New York Department of Financial Services.

The charter allows Circle to issue USDC through a NYDFS-regulated trust company while custodying reserves through its federally chartered trust bank.

Circle's CEO Jeremy Allaire stated that obtaining this charter has been a longstanding objective for the company, citing the regulatory clarity it brings.

This move complements Circle's National Trust win earlier this year and aligns closely with the guidelines of the GENIUS Act.

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