Five Crypto Firms Win Initial Trust Bank Approvals, Ripple, Circle, BitGo
Five Crypto Firms Win Conditional OCC Approval for U.S. National Trust Bank Charters
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval for national trust bank charters to five major digital-asset firms: Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos.
The approvals, announced in a Friday notice, represent a significant regulatory milestone for the sector by moving these firms closer to operating as federally regulated national trust banks in the United States.
According to the OCC, two of the approvals cover new (“de novo”) national trust bank charters: Circle’s First National Digital Currency Bank and Ripple National Trust Bank.
In addition, the regulator said it conditionally approved BitGo, Fidelity Digital Assets, and Paxos to convert existing state-chartered trust companies into federally chartered national trust banks. The OCC listed these as BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company.
Conditional approval is an initial step, not final authorization. It indicates the agency is prepared to allow the charters provided the firms meet the OCC’s requirements before launching or completing conversion to national trust bank status.
The development lands as the stablecoin market has reached $313 billion, underscoring the growing role of crypto-native companies in payments, custody, and other financial infrastructure.
- Who: Ripple, Circle, Fidelity Digital Assets, BitGo, Paxos
- What: Conditional approval for national trust bank charters
- Details: Circle and Ripple approved for new national trust banks; BitGo, Fidelity Digital Assets, and Paxos approved to convert from state trust structures
- Broader context: A continued push to integrate key digital-asset firms into the U.S. federal banking framework
The OCC’s move also comes as other major crypto companies pursue similar paths. The information provided notes that Coinbase has applied as well.
