OCC Grants Conditional Approval to Ripple, Circle, BitGo, Fidelity, Paxos for National Trust Bank Charters

The Office of the Comptroller of the Currency (OCC) announced conditional approval for five national trust bank charter applications from five major crypto companies on Dec. 12. Benefiting from this announcement are Ripple, Fidelity Digital Assets, BitGo, Paxos, and Circle.

According to a press release, the OCC conditionally approved applications for de novo (brand new) national trust bank charters for First National Digital Currency Bank and Ripple National Trust Bank. The agency also granted conditional approval to convert from state trust companies to national trust banks for BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company.

Prominent crypto journalist Eleanor Terrett posted the breaking news earlier today on X.

This recent approval represents a significant policy shift in crypto regulation under Gould’s leadership. Earlier in December 2025, Gould stated that traditional banks fighting crypto’s pursuit of trust charters could “risk reversing innovations” in financial services, as CoinDesk reported on Dec. 3, opening doors for US banks to act as crypto intermediaries.

Agency statistics show charter applications have increased dramatically in 2025. From 2011 through 2024, the OCC received fewer than four charter applications per year on average. However, 14 companies, including crypto firms, applied for bank charters in 2025 alone, demonstrating growing interest in federal banking supervision.

OCC Applications From Major Crypto Companies

Circle’s conditional approval establishes First National Digital Currency Bank, which will oversee the USDC Reserve and provide fiduciary digital asset custody services. The company submitted its OCC application on June 30, 2025.

Ripple’s approval positions the company to operate as a federally regulated digital asset custodian. Ripple applied for its national bank charter in July 2025, seeking both a charter and a Federal Reserve master account to enhance regulatory clarity for digital asset custodianship.

BitGo can now offer regulated crypto services nationwide without navigating complex state-by-state licensing requirements. The company received conditional approval to convert its existing South Dakota-chartered trust company into a federally chartered bank.

The OCC’s decision aligns with broader crypto institutional adoption trends and regulatory activities. On Sept. 8, Nasdaq submitted an SEC filing to allow trading of tokenized equities and ETPs on its exchange, potentially reducing settlement times and market friction through blockchain integration, Coinspeaker reported.

Additionally, CME Group will offer round-the-clock cryptocurrency futures and options trading starting early 2026, subject to regulatory review and approval.

The conditional approvals require the companies to meet specific OCC conditions before becoming fully operational national trust banks. The federal banking system currently includes more than 1,000 national banks and federal savings associations, conducting approximately 67% of banking activity in the United States and holding more than $17 trillion in assets combined.

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