Circle National Trust is adding federally regulated custody to cirBTC, a wrapped Bitcoin product designed to bring Bitcoin (BTC) into Ethereum-based and other blockchain applications.
Circle announced July 10 that it had received final approval for the trust bank. The Office of the Comptroller of the Currency (OCC) lists regulatory approval on Dec. 12, 2025, and shows the charter became effective July 24, 2026.
First National Digital Currency Bank, N.A., operating as Circle National Trust, is a national trust bank and qualified custodian supervised by the OCC. It provides fiduciary custody services for Circle affiliates, does not take deposits and does not lend funds. Circle could later offer direct custody to a small group of institutional clients if demand warrants.
The custody arrangement supports cirBTC, which is designed to maintain 1:1 backing with native Bitcoin and be redeemable 1:1 for Bitcoin. The native BTC backing is held through Circle’s Bermuda affiliate and safeguarded by Circle National Trust for that affiliate.
The reserve Bitcoin is held for the exclusive benefit of cirBTC holders and separated from Circle’s corporate assets. Chainlink Proof of Reserve and disclosed Bitcoin reserve addresses allow counterparties to compare reserve holdings with cirBTC’s onchain supply.
Bitcoin does not natively run in Ethereum smart-contract applications. Wrapped tokens represent Bitcoin on another blockchain while the native asset remains with a custodian, allowing the token to be used in decentralized finance and other onchain applications.
cirBTC is live on Ethereum and intended for eligible institutional participants, including over-the-counter desks, market makers and DeFi protocols. It can also move across supported blockchains through Circle’s Cross-Chain Transfer Protocol.
The structure does not establish current adoption, assets under custody, circulating supply, reserve balances or transaction volume. It defines a regulated custody framework for the product and leaves direct service to outside institutional customers dependent on demand.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” Jeremy Allaire, Circle’s co-founder, chairman and CEO, said.