Crypto
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 Internet Trust Company LLC, doing business as Circle New York Trust.
The charter allows 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.' He added that NYDFS is an international standard setter for digital asset regulation.