The New York trust charter allows Circle’s subsidiary to provide fiduciary and custody services under state banking law.
Circle said Friday that the New York Department of Financial Services (NYDFS) has granted a limited purpose trust charter to its subsidiary, Circle Internet Trust Company LLC.
A limited purpose trust charter is issued under New York Banking Law for institutions that do not have the general power to accept deposits or make loans like traditional banks, according to the NYDFS.
Instead, charter holders may exercise fiduciary powers and conduct activities such as custodial services, investment management, corporate trust, transfer agency and securities clearance. NYDFS also notes that some applicants seek to engage in virtual currency-related activity.
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