The stablecoin issuer Circle has obtained federal authorization to operate as a national trust bank while simultaneously facing operational challenges regarding the precision of asset freezes on privacy-centric blockchains.

穩定幣發行商 Circle 已獲得聯邦授權，可作為國家信託銀行營運，但同時在注重隱私的區塊鏈上，面臨資產凍結精準度的營運挑戰。

The U.S. Office of the Comptroller of the Currency (OCC) has granted Circle approval to establish Circle National Trust. This charter permits the entity to exercise direct custody over the reserves backing USDC—a stablecoin with a market capitalization of approximately $73.2 billion—thereby eliminating the requirement for third-party custodial intermediaries. This transition from a financial application to financial infrastructure is facilitated by the GENIUS Act, which provided a federal framework for payment stablecoins. The shift to federal oversight mitigates the administrative burden associated with disparate state-level regulations and enhances the firm's institutional appeal amidst increasing competition from traditional financial entities seeking to internalize stablecoin issuance.

美國貨幣監理署 (OCC) 已批准 Circle 成立 Circle National Trust。此特許經營權允許該實體直接保管 USDC 的儲備金——USDC 是一款市值約 732 億美元的穩定幣——從而消除了對第三方託管中介的需求。從金融應用程式轉型為金融基礎設施，是由 GENIUS 法案促成的，該法案為支付穩定幣提供了聯邦框架。轉向聯邦監管減輕了與不同州級法規相關的行政負擔，並在傳統金融實體尋求內部化穩定幣發行的競爭日益激烈之際，提升了該公司的機構吸引力。

Parallel to these regulatory advancements, a systemic vulnerability has emerged concerning the intersection of privacy protocols and legal enforcement. A recent incident involving the freezing of $12.6 million in assets demonstrated that the utilization of privacy-focused blockchain systems, such as Zama Chain or Canton, can impede the ability of issuers to isolate illicit funds. Because these protocols may aggregate assets within a single private contract, the inability to distinguish individual depositors necessitates the application of broad enforcement actions. Consequently, lawful users may be subjected to asset freezes resulting from the illicit activities of unrelated parties. The current architectural paradigm suggests that if precision in enforcement is not achieved through advanced cryptographic solutions, such as zero-knowledge proofs, institutions may continue to employ imprecise, wide-scale freezes to maintain regulatory compliance.

與這些監管進展平行地，隱私協定與法律執行的交集出現了系統性漏洞。近期一起涉及凍結 1,260 萬美元資產的事件表明，使用注重隱私的區塊鏈系統（如 Zama Chain 或 Canton），可能會阻礙發行商隔離非法資金的能力。由於這些協定可能會將資產聚合在單個私有合約中，無法區分個別存款人，因此必須採取廣泛的執行行動。因此，合法用戶可能會因為不相關方的非法活動而面臨資產凍結。目前的架構範式表明，如果不能透過零知識證明等先進加密解決方案實現精準執行，機構可能會繼續採用不精準的大規模凍結，以維持監管合規。

Circle has transitioned to a federally regulated trust model, yet the broader industry must resolve the tension between institutional privacy requirements and the necessity for granular enforcement to protect lawful users.

Circle 已轉型為聯邦監管的信託模式，但整體產業必須解決機構隱私需求與精準執行（以保護合法用戶）必要性之間的緊張關係。