Circle’s National Trust Bank Charter: Building the Infrastructure Behind USDC

In this paper, we discuss:

• How Circle is evolving from a stablecoin issuer into a regulated financial infrastructure provider;
• What Circle’s national trust bank charter changes for digital-asset custody and fiduciary services;
• Why Circle is gradually bringing critical infrastructure underpinning USDC in-house;
• How custody, settlement and servicing are becoming the new competitive frontier in tokenised finance;
• Why the next phase of digital assets may be won by firms controlling the infrastructure beneath the tokens.

Download PDF: Circle Bank – August 2026