Key Insights
- OCC conditionally approved national trust bank charters for Circle, Ripple, BitGo, Paxos, and Fidelity.
- These firms issue USDC, RLUSD, USD, S, and PYUSD stablecoins, worth approximately $ 313 billion in 2025.
- Chartering state licenses with federal trust bank licenses provides crypto firms with a clear regulatory framework.
The Office of the Comptroller of the Currency has conditionally approved national banking charters for several major crypto firms tied to U.S. dollar stablecoins. The decision places stablecoin activity more firmly inside the federal banking system and expands the number of digital asset firms operating under national standards.
The approvals made on Friday by the OCC cover new charters for Circle’s First National Digital Currency Bank and Ripple National Trust Bank. Additionally, BitGo, Fidelity Digital Assets, and Paxos Trust Company have received approval to convert their existing state trust companies into federally chartered institutions.
Together, the firms are linked to the circulation or custody of USDC, RLUSD, USDS, and PYUSD. Fidelity has not launched a stablecoin, though it had been testing one ahead of a potential release earlier this year. All approved entities now have up to 18 months to raise capital, hire staff, and complete compliance systems before a final OCC review.
Jonathan Gould, the Comptroller of the Currency, said the new applicants would help ensure that the federal banking system “keeps pace with the evolution of finance.”
Federal Oversight Pulls Stablecoins Deeper Into Banking
The approvals represent one of the clearest steps yet by the Trump administration to integrate crypto firms into regulated banking. A national charter allows these institutions to operate under a single federal framework instead of navigating state-by-state licensing rules, a long-standing issue for digital asset custodians.
The OCC also confirmed that BitGo, Fidelity Digital Assets, and Paxos can convert their state trust structures into national trust banks.
Furthermore, National Trust Banks have long been serving asset managers and insurance companies. Nevertheless, cryptocurrency companies are currently seeking to utilise them to provide settlement, custody, and payment services more efficiently and pay less attention to third-party banks.
Different Rules for Issuers Under Approved Charters
The scope of activity differs across the newly approved entities. Paxos received explicit permission to issue stablecoins under federal oversight. Ripple’s charter, by contrast, states that the bank will not issue its U.S. dollar–pegged XRP through the trust institution.
Stablecoin issuers view federal supervision as a way to assure corporate clients and counterparties. Custody-focused firms also point to clearer rules around asset segregation and settlement finality under OCC oversight.
The approvals add to a short list of crypto firms with national charters. Anchorage Digital Bank became the first in 2021, though it later faced supervisory scrutiny. Protego’s National Digital Trust Company also received conditional approval that year, but the decision
