OCC Approves Five Crypto Firms as National Trust Banks
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approvals for five digital asset firms—Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos—to become federally chartered national trust banks. The approvals, announced Friday, allow the firms to convert from state-level trust charters to federal status, subject to meeting the OCC's conditions. This marks a major milestone in the integration of cryptocurrency into traditional finance.
Once finalized, these institutions will join roughly 60 other national trust banks regulated by the OCC, gaining the ability to offer fiduciary and custody services nationwide. Unlike larger national banks, trust banks cannot accept cash deposits or make loans, but they can hold and manage customers' digital assets.
'Huge news' for crypto
Circle, issuer of the $78 billion USDC stablecoin, said the charter would enhance the safety and regulatory oversight of its reserves while enabling fiduciary digital asset custody for institutional clients. CEO Jeremy Allaire emphasized that the federal charter would provide “greater clarity and confidence” to institutions building on Circle’s platform as stablecoins gain mainstream adoption.
Paxos, known for PYUSD and the consortium-backed Global Dollar (USDG), said federal oversight would allow businesses to issue, custody, trade, and settle digital assets with clarity and confidence. The firm, which has operated under a New York Department of Financial Services (NYDFS) charter since 2015, first applied for a federal charter in 2020.
BitGo, a South Dakota–based crypto custodian, said the federal charter would allow it to expand services nationwide, including trading, staking, stablecoin, and treasury offerings for institutions. BitGo has also filed to go public, reporting $4.19 billion in revenue for the first half of 2025, up from $1.12 billion during the same period in 2024.
Ripple and Fidelity Digital Assets also received conditional approvals. Ripple, which has been embroiled in legal battles with the SEC, now has a clearer path toward regulated operations. Fidelity Digital Assets, the digital asset arm of traditional finance giant Fidelity, further solidifies its position in the industry.
Federal regulatory trend and industry impact
The approvals reflect a broader trend toward federal oversight of digital assets, coming after Anchorage Digital became the first federally chartered crypto bank in the U.S. Other firms, including Coinbase, Bridge (owned by Stripe), and Crypto.com, have also applied for federal charters.
OCC Comptroller Jonathan V. Gould emphasized that new entrants into the federal banking sector benefit consumers, foster competition, and promote innovation. “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy,” Gould said.
Analysts believe these approvals will bring greater regulatory certainty for crypto firms, reduce compliance costs, and boost confidence among traditional financial institutions to partner with the crypto industry. As more companies obtain federal charters, digital assets will accelerate their integration into mainstream finance.