Crypto Firms Secure Conditional U.S. Banking Charters as OCC Signals Shift in Stablecoin Oversight

Federal trust bank approvals place Circle, Ripple, Paxos, BitGo, and Fidelity under national supervision

TL;DR

• The U.S. OCC granted conditional national trust bank approvals to Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets on Dec. 12, 2025.
• The move places major stablecoin issuers and crypto custodians under federal banking oversight, without yet allowing deposit-taking or lending.
• Combined stablecoin supply tied to these firms stands near $313 billion, marking a major step toward regulated crypto banking in the U.S.

We’ve just launched the all-new COIN360 Perp DEX, built for traders who move fast!

Trade 130+ assets with up to 100× leverage, enjoy instant order placement and low-slippage swaps, and earn USDC passive yield while climbing the leaderboard. Your trades deserve more than speed — they deserve mastery.

U.S. banking regulators took a decisive step toward integrating cryptocurrency firms into the federal financial system on December 12, 2025, when the Office of the Comptroller of the Currency granted conditional approval for several major digital asset companies to establish national trust banks. The approvals cover Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, signaling a notable expansion of federally supervised crypto institutions beyond Anchorage Digital Bank, which has operated under a similar charter since 2021. While the approvals stop short of full banking privileges, they mark one of the most significant regulatory endorsements of the crypto sector to date.

Conditional approval from the OCC allows these firms to proceed toward becoming national trust banks, subject to strict requirements related to capital adequacy, governance, compliance, and risk management. The structure deliberately limits systemic risk by prohibiting deposit-taking and lending activities at this stage, meaning the newly approved entities cannot yet function as full-service banks or offer FDIC-insured accounts. Even so, the status brings them directly under federal oversight, a development long sought by crypto companies arguing for regulatory clarity and parity with traditional financial institutions.

Circle’s approval applies to its planned First National Digital Currency Bank, a vehicle designed to support issuance and management of USDC, one of the largest U.S. dollar-backed stablecoins. Ripple received conditional clearance for Ripple National Trust Bank, a move closely tied to its recently launched RLUSD stablecoin. Paxos and BitGo, both already operating under state-level trust charters, were approved to convert those licenses into national charters, while Fidelity Digital Assets received similar permission to transition into a federally regulated trust bank. Collectively, these firms represent a substantial share of the stablecoin and digital asset custody market.

The timing underscores the growing scale of the sector regulators are now moving to supervise. Stablecoins issued or supported by the approved firms, including USDC, RLUSD, PYUSD, and related products, together account for an estimated $313 billion in market value in 2025. That scale has intensified pressure on U.S. authorities to bring stablecoin infrastructure under clearer federal rules, particularly as lawmakers advance legislation aimed at defining national standards for digital dollar tokens.

OCC leadership framed the approvals as part of a broader effort to modernize the banking system without compromising safety. Comptroller of the Currency Jonathan Gould said new entrants into the federal banking system benefit consumers, the industry, and the economy, adding that the agency intends to support both traditional and innovative approaches to financial services as finance evolves. The statement reflects a policy shift toward supervised inclusion rather than exclusion, following years of tension between crypto firms and U.S. banking regulators.

Industry reaction was swift, particularly from Ripple leadership, which has often clashed publicly with regulators and banking groups. Chief executive Brad Garlinghouse used the announcement to criticize what he described as resistance from traditional banking lobbies, arguing that crypto firms are now voluntarily placing themselves under OCC supervision and federal standards. His remarks echoed earlier calls for equal treatment between crypto companies and legacy banks, including access to core financial infrastructure such as Federal Reserve master accounts.

Despite the regulatory milestone, the path forward remains conditional and closely monitored. Each firm must still satisfy detailed operational requirements before receiving final approval, and the trust bank model itself remains narrower than a commercial banking license. The OCC’s approach reflects a balancing act: encouraging innovation and competition while maintaining firm limits on activities that could pose broader financial risks.

The approvals also highlight a surge in interest for national trust charters among crypto firms during 2025, with regulators reportedly reviewing roughly a dozen applications this year alone, a pace comparable to the previous several years combined. Firms such as Coinbase, Crypto.com, and Stripe-affiliated crypto units are among those still pursuing similar approvals, suggesting the latest decisions may set a precedent for further integration of digital asset companies into the U.S. banking framework.

Traditional banking groups have pushed back, warning that trust charters could allow nonbank firms to access elements of the federal system without facing the same regulatory burdens as full-service banks. Regulators, however, appear to view the trust model as a controlled entry point, offering oversight without immediately extending deposit insurance or lending authority.

For stablecoin issuers, the implications are particularly significant. Ripple’s RLUSD, for example, now sits under dual oversight, combining federal supervision through the OCC with existing state-level compliance frameworks. That structure may strengthen confidence among institutional partners while reinforcing expectations around reserves, governance, and transparency.

Taken together, the OCC’s conditional approvals mark a turning point in U.S. crypto regulation, shifting the conversation from whether digital asset firms belong inside the banking perimeter to how they should be supervised once they are there. While final approvals and expanded permissions remain ahead, the decision places some of the industry’s largest players on a clearer, federally regulated path at a time when stablecoins and crypto infrastructure are becoming increasingly embedded in global finance.

This article has been refined and enhanced by ChatGPT.