OCC Grants Conditional National Banking Charters to Major Crypto Firms
The Office of the Comptroller of the Currency (OCC) has conditionally approved national banking charters for several prominent crypto-related firms, including Circle (First National Digital Currency Bank), Ripple (Ripple National Trust Bank), BitGo, Fidelity Digital Assets, and Paxos Trust Company. These approvals represent conversions from state charters for some entities.
These charters pertain to issuers of major stablecoins such as USDC, RLUSD, USDS, and PYUSD, which together had a combined market value of approximately $313 billion in 2025. Notably, Fidelity Digital Assets has yet to issue its own stablecoin but was testing for launch earlier in the year.
Other notable crypto companies with pending OCC applications include Coinbase, Crypto.com’s Foris DAX National Trust Bank, Stripe’s Bridge, Nubank, and Sony’s Connectia. Additionally, Protego’s National Digital Trust Company is awaiting a further decision following a paused approval from 2021.
Anchorage Digital Bank obtained an OCC national charter back in 2021, serving as an early precedent for federal regulation of digital assets. The GENIUS Act has also contributed by helping establish a regulatory framework for U.S. stablecoin issuers.
OCC Comptroller Jonathan V. Gould commented that these new federal entrants will be beneficial for consumers and the economy by providing access to new products and fostering increased competition. However, it is important to note that these charters are conditional approvals rather than full authorizations. Additional regulatory steps remain necessary before these entities can operate fully as national banks.
