The US Office of the Comptroller of the Currency (OCC) conditionally approved five charter applications. Major crypto firms can now become federally regulated national trust banks.
The US Office of the Comptroller of the Currency (OCC) has conditionally approved five national bank charter applications. These are the companies that are deeply engaged in the digital assets industry. This significant news was released in a notice on Friday. It is a major step towards the integration of the crypto industry and traditional finance under the regulation of the federal government.
Conditional Approvals Granted Under Rigorous Standards
The OCC conditionally approved the conversion of existing trust companies at the state level. These are BitGo, Fidelity, and Paxos. These will now become federally chartered national trust banks. In the same announcement, the regulator approved new Circle and Ripple applications. These firms are pushing to get de novo national trust bank charters.
According to WSJ, digital asset custodian BitGo said it received conditional approval from OCC on Friday to convert into a bank, which upon final approval would allow it to custody digital assets and certain non-deposit financial assets and to offer regulated crypto-related…
— Wu Blockchain (@WuBlockchain) December 12, 2025
The OCC said it used the same stringent review and standards for these applications. This is the same process as for all charter applications. The OCC reviewed each application carefully based on the individual merits of the application. These firms will join some 60 other national trust banks. These banks are now under the supervision of the OCC.
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Comptroller of the Currency Jonathan V. Gould commented on the approvals. He said new entrants are good for consumers, the industry and the economy. They give access to new products and services and sources of credit. This ensures that banking is dynamic, competitive and diverse.
The conditional approvals had been issued in two main categories. Circle and Ripple were given the green light to create brand new national trust banks. Circle will create the First National Digital Currency Bank, N.A. This new entity is going to assist in the management of the reserves for its USDC stablecoin. Ripple will be setting up Ripple National Trust Bank. This bank will control reserves for its RLUSD stablecoin.
The OCC also conditionally approved applications to convert from state trust companies. These were for BitGo Bank & Trust, National Association, Fidelity Digital Assets, National Association, and Paxos Trust Company, National Association.
Implications for Stablecoin Reserve Management
These federal charters grant the companies the authority to manage and hold assets as customers. They also get the ability to settle payments faster. However, the licenses do not allow them to accept traditional cash deposits and loans. The firms must first meet with some conditions set down by the OCC.
This move comes with recent regulatory changes by the US administration and the OCC. These shifts are an attempt to make the environment more welcoming for the crypto sector. For example, the passage of the GENIUS Act gives a better framework for stablecoins.
The federal banking system already has more than 1,000 national banks. These institutions perform about 67% of the banking activity in the US. They have a combined total of over $17 trillion in assets. The OCC insists that it is using consistent risk management standards. This guarantees that the federal banking system keeps up with the evolution of finance. This, ultimately, is in support of a modern economy.