Two national trust banks built around dollar stablecoins moved forward in early July 2026. On July 2 the Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to Connectia Trust, N.A., a planned New York trust bank owned by Sony Bank. On July 10 Circle said the OCC had approved its national trust bank, First National Digital Currency Bank, N.A., which will operate as Circle National Trust.
What changed
- Connectia Trust, N.A. (Sony Bank)
Application→ Preliminary conditional approval, July 2, 2026- Connectia’s planissue a dollar-backed stablecoin, hold reserves, and let customers transfer stablecoins inside a closed, permissioned network limited to Sony Group platforms
- Connectia’s customersinclude US retail customers with existing Sony relationships
- Conditionstablecoin activity must conform to the GENIUS Act and its implementing rules, or stop
- Circle National Trust
Conditional approval (December 2025)→ Approval announced by Circle, July 10, 2026; custody for Circle and affiliates at firstSources: OCC Corporate Decision #1380 · Circle press release · Checked on September 27, 2026
Why it matters
A stablecoin is not a bank deposit. The OCC’s Connectia decision states that stablecoins are not deposits under the Federal Deposit Insurance Act, that the GENIUS Act excludes payment stablecoins from FDIC deposit insurance, and that it is unlawful to claim they are insured. Connectia cannot start business, including issuing a stablecoin, until the OCC grants final approval.
Circle says its trust bank will first provide custody for Circle and its affiliates, with management of the USDC reserve planned as a future capability.
What to do
- Treat a stablecoin balance as something other than an insured bank balance, whoever issues it.
- Before you move one, check the network and the address: see stablecoin transfers and how to send crypto safely.
This is general information, not financial advice.
