Summary
- Circle announced it has officially applied to the U.S. OCC to establish a federally regulated trust bank for the direct management of USDC reserves.
- The bank will be called 'First National Digital Currency Bank,' and if approved, it will directly assume responsibility for managing and storing USDC reserves.
- Circle explained, "We are pursuing the establishment of an independent bank dedicated to the management of USDC reserves to enhance USDC's transparency and trustworthiness."
According to cryptocurrency-specialized media outlet CoinDesk on the 30th (local time), USD Coin (USDC) issuer Circle has officially applied to the Office of the Comptroller of the Currency (OCC) to establish a federally regulated trust bank. The bank is reported to be named 'First National Digital Currency Bank.' If approved, this bank will be directly responsible for managing and custody of USDC reserves. Circle explained, "We are pursuing the establishment of an independent bank solely dedicated to managing the reserves, in order to enhance the transparency and trustworthiness of USDC."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
