Since December 2025, more than 12 cryptocurrency and fintech companies have applied to the U.S. Office of the Comptroller of the Currency (OCC) for national trust bank charters. The applicant list includes major names such as Coinbase, Ripple, and Circle, highlighting a broader push by digital asset firms to operate under a unified federal regulatory framework rather than depending heavily on outside banking partners.
Why firms want OCC charters
The applications reflect a strategic effort to secure clearer regulatory footing in the United States. A national trust bank charter can give crypto firms a more consistent compliance structure at the federal level, potentially reducing operational friction tied to fragmented state rules and reliance on third-party banks. For the industry, this is also a step toward deeper integration with the traditional financial system.
One notable case is Kraken parent company Payward, which is seeking to establish Payward National Trust Company. Its goal is to provide bank-grade crypto custody services, underscoring how regulated custody remains a central use case for firms pursuing trust charters, especially as institutional demand continues to emphasize security, governance, and compliance.
Most applicants are not fully operational yet
At present, Anchorage Digital Bank remains the only fully operational national trust bank in this category. Most other applicants are still in the conditional approval stage, indicating that regulatory progress does not automatically translate into immediate, full-scale operations. The path from application to functioning trust bank remains subject to close review and ongoing supervisory requirements.
The OCC has said that bringing new financial services into the federal banking system can benefit consumers and the broader economy. Still, important infrastructure issues remain unresolved. In particular, access to the Federal Reserve’s payment rails continues to be a major challenge, as officials have not yet finalized a framework for simplified account structures.
Integration remains the bigger test
For crypto firms, winning an OCC trust charter could strengthen regulatory legitimacy and reduce dependence on legacy banking relationships. But the broader test lies in whether these firms can ultimately gain practical access to core payment and settlement infrastructure. Until that happens, a charter may offer status and structure, but not the full operational advantages many applicants are seeking.