Circle now has a federal bank charter. However, the charter provides no ordinary checking accounts, FDIC-insured savings accounts, or mortgages. Circle National Trust is part of a new federal cohort built around custody, fiduciary administration, stablecoin reserves, and settlement.
Source: [CryptoSlate](https://cryptoslate.com/america-is-creating-a-new-class-of-crypto-banks-but-they-arent-really-banks/)