Circle Wins New York Trust Charter for USDC Subsidiary

Circle has received a New York limited purpose trust charter for its subsidiary, expanding its state-regulated trust company framework for USDC.

Circle Wins New York Trust Charter for USDC Subsidiary

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Written by

Yohan Yun

staff editor

Reviewed by

Bryan O'Shea

staff editor

Written by

Yohan Yun

staff editor

Reviewed by

Bryan O'Shea

staff editor

Circle receives New York trust charter for subsidiary

Latest News

Published

Jul 31, 2026

The New York trust charter allows Circle’s subsidiary to provide fiduciary and custody services under state banking law.

Circle said Friday that the New York Department of Financial Services (NYDFS) has granted a limited purpose trust charter to its subsidiary, Circle Internet Trust Company LLC.

A limited purpose trust charter is

issued

under New York Banking Law for institutions that do not have the general power to accept deposits or make loans like traditional banks, according to the NYDFS.

Instead, charter holders may exercise fiduciary powers and conduct activities such as custodial services, investment management, corporate trust, transfer agency and securities clearance. NYDFS also notes that some applicants seek to engage in virtual currency-related activity.

“Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it,” CEO Jeremy Allaire said in a press release.

Circle was the first company to

receive

a NYDFS BitLicense in 2015, allowing it to conduct virtual currency business in New York.

The company issues the US dollar-pegged stablecoin USDC, which has a market capitalization of $71.8 billion, making it the second-largest stablecoin behind Tether USDt (USDT) and the fifth-largest cryptocurrency.

Related:

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