A growing wave of institutional crypto adoption is unfolding as six companies listed on the Office of the Comptroller of the Currency (OCC) pending licensing table race to secure federal bank charters. The applicants include Bitgo Bank & Trust, Ripple National Trust Bank, Circle’s First National Digital Currency Bank, Erebor Bank, Fidelity Digital Assets, and National Digital Trust Co. These filings underscore the push for federal regulatory legitimacy in the digital asset space.
Details of the Six Applications
According to the OCC’s publicly maintained table, Bitgo Bank & Trust, National Association submitted its application most recently on July 14. Ripple National Trust Bank filed on July 2, followed by Circle Internet Group’s proposed national trust bank on June 30. Other submissions include Erebor Bank (June 12), Fidelity Digital Assets (June 11), and National Digital Trust Co. (May 28). The services these entities plan to offer cover crypto custody, stablecoin reserve management, and blockchain node operation.
OCC’s Regulatory Shift: From Caution to Green Light
The OCC significantly softened its crypto stance through Interpretive Letter 1183 (March 2025), which eliminated the requirement for national banks to obtain a “supervisory non-objection” for permissible crypto activities. In May, the agency stated: “The federal banking system is well positioned to engage in digital asset activities.” Furthermore, the OCC withdrew from previous joint statements with the Federal Reserve and FDIC that had highlighted crypto risks. This pivot signals a more accommodating environment designed to foster responsible innovation within federal banking.
Industry Impact and Outlook
If approved, these federal charters would allow the firms to operate nationwide, bypassing fragmented state-level regulations. For Ripple (cross-border payments), Circle (USDC stablecoin issuer), Fidelity (traditional finance giant with digital asset ambitions), and Bitgo (crypto custody), the move could boost credibility and attract institutional capital. Standardization of stablecoin and custody services may accelerate. However, the OCC continues to review compliance capabilities, and approval timelines remain uncertain.
In summary, the race for federal bank charters among six crypto giants marks a pivotal step toward cohesive U.S. digital asset regulation. As the OCC maintains its permissive posture, more traditional financial institutions and crypto-native firms are likely to follow suit.