Circle National Trust, operating as First National Digital Currency Bank, N.A., received final approval from the Office of the Comptroller of the Currency on July 10, 2026, and opened for business on July 24, 2026. The bank functions as a regulated custodian holding native Bitcoin in segregated, bankruptcy-remote accounts on behalf of cirBTC token holders.
How cirBTC Works
cirBTC is an ERC-20 token backed 1:1 by native Bitcoin held in Circle National Trust's custody. For every cirBTC in circulation, a corresponding amount of BTC is locked under the bank's custody. Token holders can redeem their cirBTC for underlying Bitcoin on a 1:1 basis, enabling Bitcoin holders to access Ethereum-based DeFi protocols without parting with their Bitcoin.
Circle National Trust does not accept deposits or issue loans. Instead, it operates exclusively as a qualified custodian under OCC supervision, the same federal regulator that oversees major commercial banks.
Verification and Transparency
Chainlink's Proof of Reserve system provides verifiable on-chain attestation that Bitcoin reserves backing cirBTC actually exist. This addresses historical concerns with other wrapped Bitcoin products, where users often lacked transparent verification that assets were truly held in custody.
Regulatory Approval Process
Circle filed its OCC application on June 30, 2025, received conditional approval in December 2025, and secured final approval in July 2026. The company previously obtained a New York BitLicense and is compliant under the EU's MiCA regulations.
Circle is the issuer of USDC, the second-largest stablecoin by market capitalization. The cirBTC whitepaper was published in August 2026, with further integrations announced throughout September.
