Circle Receives New York Trust Company Charter

Circle said July 31 that it had received approval from the New York State Department of Financial Services to establish the legal basis for operating Circle New York Trust Company.

The company said the charter would further strengthen its safety, transparency and regulatory compliance framework, while providing a more trusted regulatory environment for the operation of the USDC stablecoin.

Co-founder and Chief Executive Officer Jeremy Allaire called a New York trust company charter a long-standing goal. He added that the NYDFS sets a global standard for digital-asset regulation and that the approval would help place USDC within a strong and trusted regulatory framework.