OCC Approves National Banking Charters for Five Major Stablecoin Issuers
The Office of the Comptroller of the Currency (OCC) has conditionally approved national banking charters for five prominent stablecoin issuers: Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.
Circle was granted the First National Digital Currency Bank charter, while Ripple received the Ripple National Trust Bank charter. BitGo, Fidelity Digital Assets, and Paxos have been conditionally approved to transition from state charters to national charters.
This move brings stablecoins under federal banking oversight, with the OCC emphasizing the potential consumer and economic benefits of these new entrants to the financial system.
Stablecoins are projected to total about $313 billion in 2025, an increase of more than $100 billion since the start of the year. This growth has been supported by the GENIUS Act, which established a regulatory framework for stablecoin issuers in the United States.
