Circle Secures NYDFS Trust Charter for USDC
Circle Internet Group has secured a limited purpose trust charter from the New York Department of Financial Services (NYDFS) for Circle New York Trust, doing business as Circle.
The charter permits Circle to operate as a regulated trust company under the New York Banking Law, overseeing the reserves backing USDC and providing digital asset custody services to institutional customers.
Circle CEO Jeremy Allaire described the charter as 'a longstanding objective for Circle given the regulatory clarity that comes with it,' adding that NYDFS is an international standard setter for digital asset regulation.
This marks a significant step in Circle's broader strategy, which includes its USDC stablecoin network and the Circle Payments Network for global money movement.