Five Crypto Firms Granted Conditional Approvals to Become National Trust Banks by OCC
On December 12, 2025, the Office of the Comptroller of the Currency (OCC) granted conditional approvals to five cryptocurrency firms—Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos—to become federally chartered banks, specifically national trust banks.
These approvals allow the firms to convert from state-chartered entities to national trust banks, enabling them to engage in fiduciary activities, including custody services. Circle's First National Digital Currency Bank and Ripple are among those approved, alongside Fidelity Digital Assets, BitGo, and Paxos.
Anchorage Digital previously became the first crypto firm to obtain a federal bank charter, making these new approvals a significant step in expanding federally chartered crypto banking.
If the firms meet the OCC's expectations, they will join approximately 60 federally chartered banks and trusts nationwide. The OCC, as the sole federal agency authorized to charter banks and trusts, marks a turning point for federal oversight of crypto banking and stablecoin-related activities.
OCC head Jonathan Gould stated that the agency aims to provide a pathway for both traditional and innovative financial services to keep pace with the evolving landscape of finance.
This development follows the passage of the GENIUS Act, after which multiple stablecoin issuers and crypto firms, including Coinbase, sought federal oversight.
