Circle Surges on OCC Bank Charter; Coinbase Nabs UK MiFID License

Stablecoin issuer Circle Internet Group (CRCL) scored a major regulatory win on Friday. The Office of the Comptroller of the Currency (OCC) formally approved the company to establish a national digital trust bank — Circle National Trust — marking a critical step in the USDC issuer's compliance journey. Shares surged roughly 12%-14% in pre-market trading on the news. As of 11:00 AM ET on July 10, CRCL traded at $159.81, up 0.86% (+$1.37) from the prior close of $158.44, with an intraday high of $167.98.^{[CNBC][Reuters]}

OCC Approval: From Financial App to Financial Infrastructure

According to CNBC, the OCC's approval allows Circle to directly manage reserve assets for its regulated stablecoins — primarily USDC — and offer institutional custody services.^[CNBC] Bloomberg Law noted that the new trust bank will consolidate Circle's regulatory oversight under a single OCC federal trust charter, streamlining its compliance structure.^{[Bloomberg Law]}

CNBC's analysis framed the approval as part of a broader industry shift, as crypto firms try to pivot from "financial applications" to "financial infrastructure." Circle CEO and co-founder Jeremy Allaire said in a statement that the charter will help the company "operate its stablecoin business more efficiently within a regulated framework."^[CNBC]

UK Regulator Follows Suit: FCA Halves Stablecoin Capital Requirement

On the same day Circle secured its US bank charter, the UK's Financial Conduct Authority (FCA) drew industry attention with final crypto-asset rules published on June 30. As reported by The Fintech Times, the FCA halved the capital charge for stablecoin issuers to 1% from the 2% originally proposed — half the level required under the EU's MiCA framework.^{[The Fintech Times]}

The FCA rules also allow stablecoin issuers to hold up to 5% cash surplus in their backing asset pool, eliminate redemption forecasting requirements, and permit limited intra-group custody under certain safeguards. Renuka Rawlins, Director of Policy and Government Relations at The Payments Association, called the halved capital charge "a major win for proportionality — ensuring robust risk management without imposing unworkable capital burdens on large issuers."^{[The Fintech Times]}

Brett Hillis, a partner at Reed Smith, said the FCA rules, combined with the Bank of England's rethinking of stablecoin holding limits and the FCA's proactive tokenization papers, "mark the UK's firm footing as a major global crypto hub."^{[The Fintech Times]}

Coinbase's Two-Front Push: UK MiFID License and Prediction-Markets Fix

Meanwhile, crypto giant Coinbase (COIN) advanced on both the European and UK fronts this week. According to FinTech Futures, Coinbase received a MiFID II license from the UK FCA on July 8, allowing it to offer investment services in Britain. The license is a key part of Coinbase's European expansion strategy, enabling it to offer regulated derivatives and securities services to UK clients.^{[FinTech Futures]}

Separately, Reuters reported that Coinbase restored its prediction-markets trading function on July 9 after a technical issue had temporarily suspended it, preventing some users from trading. A Coinbase spokesperson said the problem has been resolved and all functions are operating normally.^[Reuters]

Industry Landscape: Regulatory Clarity Drives Crypto Compliance

Circle's OCC bank charter, Coinbase's UK MiFID license, and the FCA's final crypto rules together sketch the evolving global regulatory landscape for 2026. CNBC noted that Circle's bank charter approval comes amid intensifying competition in the stablecoin market, following the US Congress's passage of the GENIUS Act in July 2025, which provided the first federal legal framework for stablecoins.^[CNBC]

Deep Patel, UK Head of Payments at Capco, said the FCA rules open "a credible compliance pathway" for stablecoin issuers, but stressed that firms must meet prudential requirements including minimum capital buffers and annual stress tests.^{[The Fintech Times]}

Industry observers noted that Circle's OCC trust bank charter and Coinbase's UK MiFID license signal a shift for crypto firms from pure trading platforms toward regulated financial services providers. With major economies like the US, UK, and EU rolling out clear regulatory frameworks, the crypto industry's compliance push is accelerating.

This content is for informational purposes only and does not constitute investment advice, trading advice, or any guarantee of returns.