OCC Conditionally Approved Five Applications for Trust Banking Licenses for Crypto Companies

• The OCC has given conditional approval to five crypto companies to obtain trust banking licenses.
• Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets have been granted the license.
• In this way, the regulator has strengthened the integration of the crypto market into the US banking system.

The Office of the Comptroller of the Currency (OCC) has conditionally approved five applications for national trust banks, which is another step towards the integration of cryptocurrency companies into the US federal banking system.

After fulfilling the requirements, these institutions will join the approximately 60 national trust banks already under the supervision of the OCC.

The regulator said that it applied “the same rigorous review and standards it applies to all charter applications” in reviewing the applications, evaluating each application on a case-by-case basis, taking into account legal and regulatory requirements.

The approved applications include the establishment of de novo national trust banks for First National Digital Currency Bank and Ripple National Trust Bank.

Ripple CEO Brad Garlinghouse called the move “huge news” and a “massive step forward” for the RLUSD stablecoin in particular. According to him, it “sets the highest standard for stablecoin compliance” due to the simultaneous oversight at both the federal level by the OCC and the state level through the New York Department of Financial Services (NYDFS).

Garlinghouse also sharply criticized bank lobbyists, saying:

In addition, the OCC has approved a change from state-chartered trust company status to national trust bank status for BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company.

Commenting on the decision, US Comptroller of the Currency Jonathan W. Gould said:

According to him, the OCC will continue to “provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance”.

The regulator’s decision is in line with the broader trend of gradual legalization of crypto transactions in the US banking sector. Thus, in May 2025, the OCC allowed US banks to buy and sell crypto assets on behalf of clients, as well as to outsource the relevant services. In an explanatory letter, the regulator noted that such transactions can be carried out subject to proper risk management.

In July, Circle filed an application to establish First National Digital Currency Bank, NA, which would manage USDC reserves and provide services to institutional clients. At that time, Anchorage Digital was the only crypto company with such a license in the US.

Shortly afterwards, Ripple Labs also applied to the OCC for a national banking license, which, according to media reports, could bring the RLUSD stablecoin under federal supervision instead of regulation at the New York state level.

However, the intensification of crypto companies has provoked resistance from the traditional banking sector. Several banking associations have urged the OCC to suspend the issuance of banking licenses to crypto companies, arguing that this represents a “significant departure from current policy” and poses potential risks to financial stability.

Nevertheless, in the autumn of 2025, Coinbase applied for a national trust bank licence, stressing that the company does not plan to become a classic bank but seeks to expand its activities beyond custodial services.

The OCC finally confirmed its course in December, when the regulator acknowledged that cryptocurrency transactions can be considered banking activities. The new clarification states that national banks have the right to conduct crypto transactions as risk-free operations, subject to hedging and strict control of legal, operational, and compliance risks.