Cryptocurrency companies, including stablecoin issuers Circle and Ripple, have received conditional approval from the Office of the Comptroller of the Currency (OCC) for national trust banking licenses, enabling them to provide trust services such as digital asset custody. This license means these crypto companies can operate nationwide without needing to apply for individual state licenses, symbolizing a further opening up of the U.S. to financial innovation.
Circle and Ripple obtain OCC National Trust Bank license
On December 12, 2025, the Office of the Comptroller of the Currency (OCC) announced conditional approval of national trust bank license applications from five companies related to cryptocurrencies. These five companies include:
- First National Digital Currency Bank (newly established), a subsidiary of Circle Internet Group Inc.
- Ripple's Ripple National Trust Bank (newly established)
- BitGo Bank & Trust (from state to federal)
- Fidelity Digital Assets (State-to-Federal)
- Paxos Trust Company (from state to federal)
Currently, there are approximately 60 national trust banks regulated by the OCC.
Obtain an OCC federal license for unrestricted travel throughout the United States.
Jonathan V. Gould, Comptroller of the Currency, stated :
"New entrants to the Federal Banking System benefit consumers, the banking industry, and the economy. They provide consumers with new products, services, and sources of credit, and ensure the banking system remains dynamic, competitive, and diversified. The OCC will continue to provide pathways for both traditional and innovative financial services to ensure the Federal Banking System keeps pace with the development of the financial industry and supports the modern economy."
These approvals are conditional; companies must meet the OCC's requirements regarding capital, governance, and risk management before receiving final approval to operate. National Trust Bank can provide trust services such as digital asset custody, but it cannot accept cash deposits or engage in lending. However, obtaining this license means these crypto companies can operate nationwide without needing to apply for individual state licenses, symbolizing a further opening up of the US to financial innovation.
Anchorage Digital Bank was the first cryptocurrency company to receive a National Trust charter in 2021. Other cryptocurrency companies that are filing applications with the Office of the Comptroller of the Currency (OCC) include Coinbase Global Inc., Bridge Network (the stablecoin infrastructure company acquired by Stripe), and Crypto.com.
New startups entering the market pose a competitive risk to traditional banks.
In addition to issuing licenses, U.S. banking regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation, are exploring other ways to attract innovative companies into the financial system. For example, the Federal Reserve is considering whether to allow fintech companies to access payment systems such as FedWire through so-called "simplified" master accounts.
Karen Shaw Petrou, a longtime policy analyst and managing partner at Federal Financial Analysis, said these developments not only demonstrate the legitimacy of newcomers but also pose a competitive risk to established lending institutions. He believes the OCC, FDIC (Federal Deposit Insurance Corporation), and even the Federal Reserve, will likely give more preferential treatment to non-traditional companies that are not bound by numerous regulations and are permitted to provide services that we now consider to be directly competing with "traditional banks."
Paxos CEO and co-founder Charles Cascarilla also stated:
"This clearly demonstrates that the government is actively embracing crypto assets and blockchain assets (such as stablecoins) to transform the financial system. Under the previous administration, the situation was very unfavorable after FTX collapsed, but now the entire industry is in a completely different position."
This article, about crypto companies like Circle and Ripple obtaining OCC national trust bank licenses, first appeared on ABMedia, a ABMedia .
