On July 10, Circle Internet Corp. rose 10.37% in regular trading, trading at $70.45/share, with turnover of $582 million. The rally was driven by the U.S. Office of the Comptroller of the Currency officially approving Circle to establish a national trust bank.

The newly chartered institution will operate under the name Circle National Trust and fall under direct OCC federal oversight. As a federally regulated national trust bank, Circle National Trust will combine digital asset infrastructure with fiduciary responsibilities in safeguarding client assets. Upon opening, it will provide fiduciary digital asset custody services for Circle and its affiliates. Notably, the charter does not permit Circle to conduct deposit-taking or lending activities typical of commercial banks.

The approval further solidifies Circle's positioning as a compliance-focused infrastructure provider for institutional clients. Circle is the issuer of USDC, which has a circulation exceeding $73 billion and has facilitated approximately $20 trillion in on-chain transactions. The broader crypto-related stock sector also advanced on the news, with Strategy up over 5% and Coinbase gaining 4%.

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