Circle (CRCL), the stablecoin issuer, has formally applied with the Office of the Comptroller of the Currency (OCC) to get a national trust bank charter, it said in a press announcement late Monday. If the national bank regulator grants Circle approval,

Shares of Circle Internet Group turned higher as Wall Street applauded the stablecoin issuer’s move to try to establish a national digital-currency trust bank.

Circle is seeking approval from the OCC to establish a national trust bank to oversee its USDC stablecoin reserves.