Circle receives New York trust charter for subsidiary
Circle’s subsidiary, Circle Internet Trust Company LLC, received a limited purpose trust charter from the New York Department of Financial Services. The charter allows fiduciary activities such as custodial services, investment management, corporate trust, transfer agency, and securities clearance, but not traditional banking powers like accepting deposits or making loans. Circle said the approval brings regulatory clarity and has been a long-term goal. Circle was also the first company to receive a NYDFS BitLicense in 2015, which authorized virtual currency business in New York. Circle issues USDC, a dollar-pegged stablecoin with a market cap of about $71.8 billion, making it the second-largest stablecoin and the fifth-largest cryptocurrency.
