Circle Secures OCC-Regulated Custody for Wrapped Bitcoin Product
Circle National Trust has received final approval for its federally regulated custody status from the Office of the Comptroller of the Currency (OCC). This approval allows Circle to provide custodial services for its wrapped Bitcoin product, cirBTC. CirBTC is designed to maintain a 1:1 backing with native Bitcoin and be redeemable 1:1 for Bitcoin.
The OCC approved Circle National Trust on December 12, 2025, and the charter became effective on July 24, 2026. The trust bank provides fiduciary custody services for Circle affiliates, does not take deposits, and does not lend funds.
Circle can later offer direct custody to a small group of institutional clients if demand warrants. The custody arrangement supports cirBTC, which is designed for eligible institutional participants, including over-the-counter desks, market makers, and DeFi protocols.