- The New York Department of Financial Services granted stablecoin issuer Circle (CRCL) a trust charter on Friday.
- The Office of the Comptroller of the Currency recently authorized Circle to manage reserve assets and offer custody services for institutions.
- Despite the regulatory milestone, Circle’s stock fell over 4% after Bernstein cut its price target from $190 to $140.
The New York Department of Financial Services (NYDFS) has granted Circle (CRCL) a trust charter, the USDC stablecoin issuer confirmed on Friday. This development follows earlier authorization from the US Office of the Comptroller of the Currency (OCC) for Circle to directly manage its reserve assets and provide digital asset custody services for institutional clients.
“Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. He added that the NYDFS is an international standard setter for digital asset regulation and noted that this charter positions USDC within a strong framework as digital dollars become central to the global financial system.
However, shares in Circle (CRCL) stock fell over 4% on Friday amid persistent bearish sentiment on Wall Street. The cryptocurrency firm is scheduled to report its second-quarter 2026 financial results on Aug. 5. Before the earnings release, research and brokerage firm Bernstein cut its price target on Circle stock by 25%, lowering it from $190 to $140.
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