TLDR:
Ripple, Circle, and BitGo crypto firms apply for national trust bank licenses in the U.S.
Licenses would grant direct Federal Reserve access and stablecoin reserve control.
Genius Act favors federally regulated stablecoin issuers, tightening competition.
Traditional finance reacts as crypto firms move deeper into the banking sector.
Crypto firms are moving fast to secure a stronger presence in traditional finance.
Ripple, Circle, and BitGo are applying for national trust bank licenses, signaling a strategic move driven by recent policy changes. This development follows a 2025 executive order under the Trump administration that supports digital asset innovation.
These licenses would give firms direct access to the Federal Reserve and the ability to hold stablecoin reserves without intermediaries. As stablecoin legislation advances, large crypto players are positioning themselves to benefit from upcoming federal rules.
Crypto Firms Seek Banking Access
Ripple, Circle, and BitGo are aiming to become federally regulated trust banks.
According to industry sources, this move aligns with efforts to comply with the Office of the Comptroller of the Currency (OCC) standards. These licenses would allow them to operate nationwide and integrate more closely with the traditional banking system.
By gaining access to the Federal Reserve’s payment systems, the crypto firms can hold stablecoin reserves securely and manage settlements in real time. This setup would boost credibility with financial institutions and reduce dependence on commercial banks.
Ripple, Circle, and BitGo are seeking U.S. national trust bank licenses amid Trump-era regulatory shifts, aiming to integrate more closely with traditional finance. Kraken plans a debit card, while Robinhood and Revolut expand banking services. Stablecoin legislation like the…
— Wu Blockchain (@WuBlockchain) July 14, 2025
The rush to obtain licenses comes after a 2025 executive order that reversed earlier restrictions on digital assets. The order promotes a clear regulatory path for crypto businesses while enabling financial innovation. By removing barriers, the policy encourages digital asset firms to expand into areas previously reserved for banks.
According to posts by @WuBlockchain and @AlvaApp, the policy change has accelerated institutional interest and raised the stakes for crypto-native companies seeking early mover status.
Direct access to central banking infrastructure could become a game-changer for firms issuing stablecoins.
Stablecoin Legislation May Reshape Industry
Meanwhile, the Genius Act is progressing through Congress. This legislation proposes strict reserve requirements and mandates that issuers be regulated by federal authorities. Circle and similar large-scale issuers may gain a competitive edge if the bill passes.
The Senate Banking Committee advanced the bill in April 2025. Industry observers believe that only firms with national trust bank status will meet its standards, potentially excluding smaller competitors.
As crypto firms move into banking territory, traditional financial institutions are reacting. Kraken has announced plans for a crypto-linked debit card, while Robinhood and Revolut are expanding their banking services.
These moves suggest that the line between crypto and finance is blurring.
However, this convergence comes with challenges. Experts expect increased compliance costs and tighter regulation across both sectors. Still, the firms that secure federal banking licenses now may set the tone for future crypto-financial infrastructure.
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