The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approvals to five digital asset firms—Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos—allowing them to transition from state-level trust charters to federally chartered national trust banks. This development signifies a substantial step towards the integration of cryptocurrency within the traditional financial system.
Announced on Friday, these approvals are contingent on the firms meeting specific conditions outlined by the OCC.
Upon finalization, these institutions will join approximately 60 other national trust banks under OCC regulation, gaining the capacity to offer fiduciary and custody services on a national scale.
It is noteworthy that trust banks, unlike larger national banks, do not have the ability to accept cash deposits or extend loans; however, they are permitted to hold and manage clients’ digital assets.
‘Significant Development’ for Cryptocurrency
Circle, the issuer of the $78 billion USDC stablecoin, has articulated that the federal charter will enhance the safety and regulatory oversight of its reserves and facilitate fiduciary digital asset custody for institutional clients.
CEO Jeremy Allaire has asserted that the federal charter will provide “greater clarity and confidence” for institutions utilizing Circle’s platform as stablecoins continue to gain mainstream traction.
Paxos, recognized for its stablecoins PYUSD and the consortium-backed Global Dollar (USDG), stated that federal oversight will empower businesses to issue, custody, trade, and settle digital assets with enhanced clarity and security.
Having operated under a New York Department of Financial Services (NYDFS) charter since 2015, Paxos initially applied for a federal charter in 2020.
BitGo, a crypto custodian based in South Dakota, noted that the federal charter will enable it to broaden its service offerings nationwide, which include trading, staking, stablecoin, and treasury solutions for institutional clients. Notably, BitGo is also in the process of filing to go public, reporting $4.19 billion in revenue for the first half of 2025, a significant increase from $1.12 billion during the same period in 2024.
This series of approvals is indicative of a broader shift towards federal oversight of digital assets, following in the footsteps of Anchorage Digital, the first federally chartered crypto bank in the United States. Several other firms, such as Coinbase, Bridge (operated by Stripe), and Crypto.com, have also sought federal charters.
OCC Comptroller Jonathan V. Gould highlighted that the entrance of new entities into the federal banking sector serves to benefit consumers, bolster competition, and encourage innovation within the industry.
“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 and supports a modern economy,” Gould remarked.
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