Circle receives final OCC approval to establish national trust bank.
Swift’s blockchain goes live with 17 banks now ready to pilot live transactions, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Bitcoin was relatively subdued last week, trading around the $63,000 level as the minutes from the latest Federal Reserve FOMC meeting were released, largely confirming what traders and investors had already expected.
Policymakers agreed to keep interest rates unchanged at the June meeting, but the minutes showed that they remain divided on the outlook. Most officials indicated that further rate increases could be considered if inflation remains persistent, while others suggested that rates could remain on hold or eventually be lowered if inflation continues to ease.
Meanwhile, spot bitcoin ETFs returned to net inflows following several weeks of heavy selling. Monday alone recorded more than $265 million in net inflows, potentially signalling an early shift in institutional sentiment towards bitcoin.
Looking ahead, inflation data will once again take centre stage, with the US Consumer Price Index due on Tuesday and the Producer Price Index scheduled for Wednesday. Fed Chairman Kevin Warsh is set to testify before the Senate Committee on Banking, Housing, and Urban Affairs on the semiannual Monetary Policy Report, which could cause some movement in asset prices.
BIGGEST MOVERS
$ZEC was up 14% last week after being recently included on Forbes’ list of top cryptoassets to buy in 2026, citing its combination of scarcity, privacy technology and growing institutional relevance.
Bitcoin, ethereum, solana and hyperliquid were some of the other names included in the list.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
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Circle receives final OCC approval to establish national trust bank
Circle, the issuer of the USDC stablecoin, received final approval from the US Office of the Comptroller of the Currency last week to establish Circle National Trust, a federally regulated national trust bank, marking a significant milestone for the integration of stablecoins into the traditional financial system.
As a national trust bank, Circle National Trust will provide regulated custody for digital assets and strengthen the infrastructure supporting USDC, all the while aligning with the regulatory framework established under the GENIUS Act.
Commenting on the approval, Circle Co-Founder and CEO Jeremy Allaire said: “Federal oversight of our trust bank sets a new standard for transparency, governance and scale for Circle’s infrastructure, and unlocks a new phase of adoption where leading financial institutions can build on public blockchains with clarity and confidence.”
The approval reinforces the accelerating convergence between traditional finance and digital assets. Regulated institutions are increasingly adopting blockchain-based infrastructure to support payments, settlement and tokenised finance.
Swift’s blockchain goes live with 17 banks now ready to pilot live transactions
Major cross-border payments network Swift announced the launch of its new blockchain-based shared ledger last week, designed to support 24/7 cross-border payments using tokenised deposits.
The move comes as traditional financial institutions accelerate their adoption of blockchain technology in response to growing competition from the $315 billion stablecoin market. Issuers such as Tether and Circle have demonstrated the benefits of transferring digital value instantly and around the clock.
Swift first unveiled plans to integrate distributed ledger technology into its core infrastructure in September last year.
Whilst Swift’s new platform uses distributed ledger technology to enable the movement of customer funds via tokenised bank deposits, final settlement will continue to take place through existing payment systems. This hybrid approach allows banks to offer faster, more flexible cross-border payments without compromising the compliance, risk and control standards embedded in today’s financial system.
Seventeen banks including BNP Paribas, HSBC, Lloyds Bank, Standard Chartered, UBS and Wells Fargo are now preparing to pilot the network, marking one of the largest real-world tests of tokenised bank deposits to date.
Swift’s full network currently connects more than 11,500 banks, financial institutions and multinational corporations across more than 200 countries and territories, supporting more than 40,000 payment routes worldwide.
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