On July 10, 2026, Circle officially received approval for a National Trust Bank charter, becoming one of the first stablecoin issuers worldwide to formally enter the U.S. federal banking regulatory system. This not only signifies Circle's compliance upgrade from state-level to federal supervision, but also marks a critical turning point in U.S. digital asset regulatory logic: a gradual shift from restrictive regulation toward integrating Web3 infrastructure into the unified federal financial system. [1] Following the GENIUS Act's establishment of a federal regulatory framework for payment stablecoins, an increasing number of Web3 companies have begun proactively applying for National Trust Bank charters. For stablecoin issuers, a federal charter not only satisfies the compliance requirements for payment stablecoin issuers and grants Federal Preemption, reducing cross-state operational costs, but also provides a potential institutional foundation for future applications to access the Federal Reserve payment system and build independent clearing capabilities. These institutional incentives have collectively driven the transformation of the U.S. Web3 industry from traditional Web3 enterprises into licensed financial infrastructure providers. [2]