KEY POINTS

• Circle soared as much as 15% before easing, after US regulators approved it to set up a national trust bank.
• The charter lets Circle hold the reserves and assets behind USDC, the world’s second-largest stablecoin, and the largest fully regulated one, with about US$73 billion in circulation.
• It is a real milestone, but reserve management is a future step, and big rivals are piling into the stablecoin race.
• In our view, this is a genuine win for a beaten-down stock, but it looks more like a relief bounce than the start of a new run.