In a landmark regulatory development for the U.S. crypto industry, Ripple, Circle, and BitGo—along with Fidelity Digital Assets and Paxos—have secured conditional approval for national trust bank charters from the U.S. Office of the Comptroller of the Currency (OCC). If finalized, these approvals could fundamentally reshape how crypto companies operate within the American financial system.
This move signals a new era of federally regulated crypto banking, bringing stablecoins, digital asset custody, and blockchain-based financial infrastructure closer to the core of U.S. banking oversight.
A Major Step Toward Federally Regulated Crypto Banking
On Friday, the OCC confirmed that it had conditionally approved applications for national trust bank charters submitted by several high-profile crypto and digital asset firms. Among them:
Ripple National Trust Bank
First National Digital Currency Bank (Circle)
BitGo Bank & Trust
Fidelity Digital Assets
Paxos Trust Company
For BitGo, Fidelity Digital, and Paxos, the approval would allow them to convert from state-chartered trust companies into federally regulated national trust banks—a move that provides broader regulatory clarity and nationwide operating authority.
While these entities will not be permitted to accept retail cash deposits or issue traditional loans, they will be allowed to custody digital assets, safeguard reserves, and provide institutional-grade trust services under federal supervision.
Why OCC Approval Matters for Ripple, Circle, and BitGo
Securing an OCC charter is widely considered one of the most difficult regulatory milestones for any financial institution in the U.S.—especially for crypto-native firms.
According to Comptroller of the Currency Jonathan V. Gould, the approvals reflect a broader policy shift:
“New entrants into the federal banking sector are good for consumers, the banking industry, and the economy.”
For companies like Ripple and Circle, this conditional approval is more than symbolic. It provides:
Federal regulatory legitimacy
Nationwide operational authority
Stronger trust among institutional clients
A clear compliance framework for stablecoin issuance
Until now, Anchorage Digital stood as the only federally chartered crypto bank in the United States. That exclusivity may soon end.
Circle’s Banking Vision: Stablecoins at Institutional Scale
Circle’s application was filed under the name First National Digital Currency Bank, a clear indication of its long-term ambition.
With a national trust bank charter, Circle would be able to:
Act as a custodian for its own stablecoin reserves
Hold crypto assets on behalf of institutional clients
Operate under direct federal oversight
“This important milestone will give the world’s leading institutions greater clarity and confidence to build on Circle’s platform,” said Circle CEO Jeremy Allaire, emphasizing the company’s focus on enterprise adoption of blockchain-based finance.
Although Circle has long explored becoming a full-service bank capable of deposit-taking and lending, the current charter would still stop short of those functions—at least for now.
Ripple, RLUSD, and the GENIUS Act Connection
Ripple’s banking ambitions are tightly linked to its stablecoin strategy.
Shortly after Circle filed its application in June, Ripple followed with its own request for a national trust bank charter, positioning the company to bring its RLUSD stablecoin under both state and federal regulatory oversight.
This timing is critical.
Earlier this year, U.S. lawmakers passed the GENIUS Act, which requires stablecoin issuers to maintain strict reserve backing, primarily consisting of cash and short-term U.S. Treasurys. A national trust bank charter offers one of the clearest regulatory pathways to meet those requirements at scale.
Ripple CEO Brad Garlinghouse described the move as a compliance-first strategy:
“If approved, we would have both state (via NYDFS) and federal oversight—a new benchmark for trust in the stablecoin market.”
A Pro-Crypto Regulatory Climate Takes Shape
These approvals arrive amid a noticeably friendlier regulatory environment for digital assets under the new Trump administration. Federal agencies have signaled a greater willingness to integrate crypto firms into existing financial frameworks rather than regulate them from the outside.
Other major players are watching closely.
Coinbase, Crypto.com, and Stripe-owned Bridge have also submitted applications for federal banking charters, suggesting that crypto banking licenses may soon become the industry standard rather than the exception.
What Happens Next?
Conditional approval does not guarantee final authorization. Each firm must still:
Meet capital and compliance requirements
Finalize governance structures
Satisfy ongoing OCC supervisory conditions
However, the direction is clear.
If these approvals are finalized, Ripple, Circle, and BitGo will stand at the forefront of a new U.S. financial model—one where blockchain infrastructure operates within the guardrails of federal banking law.
For crypto investors, institutions, and policymakers alike, this moment marks a turning point: digital assets are no longer knocking on the door of traditional finance—they are being invited inside.
