Major crypto firms are moving closer to the US banking system after receiving conditional approval from the Office of the Comptroller of the Currency.
The US Office of the Comptroller of the Currency (OCC) has conditionally approved five national trust bank charter applications linked to the digital asset industry. The decision clears a regulatory path for some of the largest crypto companies to operate under federal banking supervision in the United States.
OCC Opens the Door to Federal Trust Bank Status
In a Friday announcement, the OCC confirmed that BitGo, Fidelity Digital Assets, and Paxos have received conditional approval to convert their existing state-chartered trust companies into federally regulated national trust banks. At the same time, Circle and Ripple were granted conditional approval for newly established national trust bank charters.
These approvals mark a significant step for the crypto sector, allowing companies to expand their banking-related services while operating under direct oversight from a US federal regulator.
Jonathan Gould, the Comptroller of the Currency, said the move supports innovation within the financial system while protecting consumers. He added that welcoming new entrants into the federal banking sector helps ensure the US banking system evolves alongside modern financial technologies.
Digital Asset Custody at the Core
While the language in each application varies slightly, all five companies stated that their trust bank charters would primarily be used to provide digital asset custody services. This includes safeguarding cryptocurrencies and other blockchain-based assets for institutional and enterprise clients.
Paxos’ application also allows its federally regulated entity to issue stablecoins, expanding its role in the digital payments and tokenized asset space. In contrast, Ripple clarified that its trust bank charter would not be used to issue its US dollar-pegged stablecoin, RLUSD, within the United States.
In a statement following the approval, Paxos said its federally regulated platform would enable businesses to issue, custody, trade, and settle digital assets with greater regulatory clarity and confidence.
Growing Interest in US Crypto Banking Licenses
The five approved companies are part of a broader trend of crypto firms seeking formal banking recognition in the US. As regulatory scrutiny increases, national trust bank charters are becoming a key strategy for digital asset companies aiming to operate at scale within a compliant framework.
Coinbase, one of the largest US cryptocurrency exchanges, disclosed in October that it had submitted its own application to the OCC. However, the company emphasized that it does not intend to function as a traditional bank.
BitGo IPO Review Adds Market Attention
The OCC’s approval comes at a pivotal time for BitGo. The crypto custody firm is currently under review by the US Securities and Exchange Commission as it pursues an initial public offering. BitGo filed in September to list its shares on the New York Stock Exchange and reported approximately $90 billion in assets under custody.
Other firms are taking different paths. Ripple president Monica Long said in November that the company has no plans to pursue an IPO. Paxos has also not announced any intention to go public as of December.
Circle, meanwhile, completed its initial public offering earlier this year, launching on the New York Stock Exchange in May.
A Step Toward Mainstream Crypto Banking
The conditional approvals highlight a broader shift in how US regulators are approaching digital assets, stablecoins, and crypto custody services. By bringing major crypto companies under federal banking supervision, the OCC is signaling a willingness to integrate blockchain-based financial services into the traditional banking system.
As these firms complete the remaining requirements tied to their approvals, their transition into nationally chartered trust banks could reshape the future of crypto banking in the United States.
