Stablecoin issuer. Hype stock. Crypto giant. Circle Internet Group now has another title in its sights: bank.

Circle has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank called First National Digital Currency Bank, N.A., the company said Monday. The bank would both oversee the company's own reserves of USDC, its dollar-pegged stablecoin, and offer "digital asset custody services" to institutional clients.

The company described the application as an effort to align with the Genius Act, a bill advanced by the Senate in June that would require stablecoin issuers to hold reserves of safe, liquid assets like cash or Treasuries. Circle currently holds $61.9 billion in both Treasuries and cash in reserve -- to match $61.6 billion USDC in circulation -- at Bank of New York Mellon.

"By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure," said CEO Jeremy Allaire in a statement. "Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins."

The company indicated that the bank also would hold digital assets for institutional affiliates, but a spokesperson confirmed to Barron's that the institution would not serve individual consumers. Typical national trust banks don't accept deposits or offer loans, according to the OCC.

Circle stock rose 6.2% on Tuesday. The stock has had just two trading sessions with a swing of less than 7% either way since its blockbuster initial public offering on June 5.