Circle wins New York trust charter from NYDFS

The firm behind the leading USDC stablecoin, Circle (NYSE: CRCL), opened Friday with news that the New York Department of Financial Services (NYDFS) has granted it a limited purpose trust charter for its USDC stablecoin business.

On the surface, the approval adds a new notch to the regulatory belt that Circle is stretching across the United States.

Upon closer examination, it represents an operational green light from one of the financial regulators that many consider the strictest state-level regulator and a benchmark among banks and rival issuers alike.

Circle has its global headquarters in New York.

Which NYDFS licenses does Circle hold?

Circle’s trust charter certification is not the first license that the New York regulator has issued to the Jeremy Allaire-led firm. As Circle also referred to in its official press release, it was the first company to receive the NYDFS’BitLicense in 2015.

Allaire, who serves as the firm’s co-founder, chairman and chief executive, also brought up the decade-old relationship in his comments about the July 31 approval.

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