Circle Secures NYDFS Trust Charter Amid Growing Stablecoin Oversight

Circle Internet Group has secured a limited purpose trust charter from the New York Department of Financial Services (NYDFS) for Circle Internet Trust Company LLC, which will operate as Circle New York Trust. This development comes after federal regulators granted Circle a national trust bank charter in July.

The new charter grants fiduciary powers under New York Banking Law and ongoing DFS examination, marking a step above the BitLicense that Circle has held since 2015. Circle's Co-Founder, Chairman, and CEO Jeremy Allaire stated that earning a New York trust charter was a longstanding objective for the company.

Circle now answers to two trust regulators: the federal Office of the Comptroller of the Currency (OCC) and the NYDFS. The $77 billion USDC stablecoin, issued by Circle, will be subject to this increased regulatory scrutiny.