Circle National Trust will be under direct federal supervision by the U.S. banking regulator. Once launched, the company’s bank will provide Circle and its affiliates with digital asset custody services. At the same time, the OCC-approved business plan allows for potential expansion. Depending on demand, it may provide securities custody services to institutional clients, including banks and other financial institutions. When filing its application in June 2025, Circle planned to oversee USDC reserves under federal supervision. However, that option has now been postponed indefinitely. According to CoinMarketCap, USDC, with a market capitalization of $73.3 billion, holds 23.4% of the stablecoin market.