The New York Department of Financial Services has granted Circle (CRCL) a trust charter, the USDC stablecoin issuer said Friday. Earlier this month, the US Office of the Comptroller of the Currency (OCC) authorized Circle to directly manage its reserve assets and provide digital asset custody services for institutional clients. Circle’s New York trust charter adds another layer of reliance and Credibility for Circle.
“Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “NYDFS is an international standard setter for digital asset regulation, and New York is Circle’s global headquarters. This charter reflects over a decade of regulatory commitment and positions USDC within a strong, respected framework as digital dollars become central to the global financial system.”
Despite the update, shares in Circle (CRCL) stock fell over 4% on Friday, as Wall Street remains bearish. The cryptocurrency firm is scheduled to report its second-quarter 2026 financial results on Aug. 5. Before the earnings release, research and brokerage firm Bernstein cut its price target on Circle stock by 25%, lowering it from $190 to $140.