Key facts
- Circle's subsidiary, Circle Internet Trust Company LLC, received a limited-purpose trust charter from the New York Department of Financial Services (NYDFS).
- The charter allows the subsidiary to operate as Circle New York Trust and provide digital asset custody and fiduciary services.
- ARK Invest purchased approximately $6.83 million worth of Circle (CRCL) shares.
- The stock purchases were made through ARK Invest's ARKK, ARKW, and ARKF funds.
- The NYDFS charter complements Circle's prior OCC approval for a national trust bank.
Circle's subsidiary, Circle Internet Trust Company LLC, has secured a limited-purpose trust charter from the New York Department of Financial Services (NYDFS), allowing it to operate as Circle New York Trust. This regulatory approval enables the entity to offer fiduciary and custody services for digital assets. The development comes as Cathie Wood's ARK Invest made significant purchases of Circle (CRCL) stock, acquiring nearly $6.83 million worth of shares across its various funds. CEO Jeremy Allaire stated that the charter is a crucial step towards establishing USDC within a robust regulatory framework, merging state oversight of USDC issuance with federal trust powers previously acquired from the U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC).