Shares of Circle Internet Group turned higher as Wall Street applauded the stablecoin issuer’s move to try to establish a national digital-currency trust bank.

Stablecoin issuer. Hype stock. Crypto giant. Circle Internet Group now has another title in its sights: bank.

If the national bank regulator grants Circle approval, it plans to spin up a national trust bank called First National Digital Currency Bank, N.A. Such a charter would allow the crypto firm to custody and manage the reserve assets behind its own stablecoins and offer other fiduciary services.