According to CoinMeta, Circle announced that its subsidiary Circle Internet Trust Company LLC has obtained a limited-purpose trust license issued by the New York Department of Financial Services (NYDFS). This license allows it to operate in compliance with New York state banking regulations. Circle, the CEO of Circle Internet Trust Company LLC, stated that obtaining a New York trust license has been a long-term goal for Circle Internet Trust Company LLC as it brings regulatory transparency. Circle Internet Trust Company LLC was also one of the first companies to obtain such a license in 2015, which permitted it to conduct virtual currency business in New York. The USDC stablecoin issued by Circle Internet Trust Company LLC has a market value of $71.8 billion, making it the second-largest stablecoin after Tether.