Circle just secured a limited-purpose trust charter from the New York Department of Financial Services for its Circle New York Trust. This approval allows Circle to issue USDC under New York Banking Law, bolstering its foothold in one of the most tightly regulated financial hubs in the US.
According to company statements, this new charter complements Circle’s existing national trust bank approval from the Office of the Comptroller of the Currency obtained in July. Together, these licenses create a unique dual state-federal regulatory structure that few competitors, including Tether, currently possess.
USDC remains a dominant player in the stablecoin market, recording a trading volume of $1.2 trillion in June alone. This regulatory milestone signals Circle’s commitment to expand trust and compliance as stablecoins attract more scrutiny amid rapid growth.
