Written by Yohan Yunstaff editorReviewed by Bryan O’Sheastaff editor

Written by Yohan Yunstaff editor

Reviewed by Bryan O’Sheastaff editor

Circle receives New York trust charter for subsidiary

Latest NewsPublishedJul 31, 2026

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

Circle stated 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, as reported by 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 stated 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: BOJ intervenes to defend yen near 160, holds rates steady

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Stablecoin
• Circle
• New York
• BitLicense
• NYDFS
• Industry

More on the subject

Here’s what happened in crypto today

11 minutes ago

Yohan Yun

Strategy posts $8.2B Q2 loss as Bitcoin slump drives unrealized losses

16 hours ago

Nate Kostar

News Brief

World Cup generated $20B in blockchain prediction market volume: Chainalysis

16 hours ago

Nate Kostar

Here’s what happened in crypto today

11 minutes ago

Yohan Yun

Strategy posts $8.2B Q2 loss as Bitcoin slump drives unrealized losses

16 hours ago

Nate Kostar

News Brief

World Cup generated $20B in blockchain prediction market volume: Chainalysis

16 hours ago

Nate Kostar