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.

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.

Circle Internet Group, which debuted on the New York Stock Exchange earlier this month, has applied for a bank charter.