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Federal regulators moved crypto deeper into U.S. banking as the OCC conditionally approved five digital-asset trust banks, signaling growing confidence in federally supervised crypto custody, payments and blockchain-based financial services.

Federal Banking Access Expands as 5 Crypto-Linked Trust Banks Receive OCC Conditional Approval
A major regulatory breakthrough is accelerating the integration of digital assets into the U.S. banking system. The Office of the Comptroller of the Currency (OCC), a U.S. bank regulator, announced on Dec. 12 that it conditionally approved five national trust bank charter applications, marking one of the strongest federal endorsements yet for crypto-focused financial institutions.
The five conditionally approved institutions are First National Digital Currency Bank; Ripple National Trust Bank; Bitgo Bank & Trust, National Association; Fidelity Digital Assets, National Association; and Paxos Trust Company, National Association. Circle Internet Holdings Inc. is the direct holding company of First National Digital Currency Bank.
Comptroller of the Currency Jonathan V. Gould said:
New entrants into the federal banking sector are good for consumers, the banking industry and the economy.
“They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system,” Gould continued. “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.” The remarks frame the approvals as part of a broader strategy to modernize federally supervised banking while maintaining safety, soundness, and consistency in oversight.
The agency approved de novo national trust bank charters for First National Digital Currency Bank and Ripple National Trust Bank, highlighting increased confidence in institutions purpose-built around digital assets and blockchain-based financial services. It also approved applications to convert from state trust companies to national trust banks for Bitgo Bank & Trust, National Association; Fidelity Digital Assets, National Association; and Paxos Trust Company, National Association, moving established digital asset custodians under full federal supervision.
The conditional approvals reflect a clear policy direction toward integrating digital asset firms directly into the national banking framework rather than leaving them at the regulatory margins. The OCC said it applied the same rigorous statutory and regulatory review to these applications as it does to all charter requests, evaluating each filing on its individual merits and in line with applicable law. Once the OCC’s conditions are met, these firms will join approximately 60 national trust banks currently overseen by the regulator. The OCC noted that the broader federal banking system includes more than 1,000 national banks, federal savings associations, and federal branches of foreign banking organizations, which collectively hold over $17 trillion in assets and administer more than $85 trillion under their control, accounting for roughly 67 percent of U.S. banking activity.
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📅 November 12 | United States
In a turn of events that could transform the relationship between crypto and traditional banking, several of the ecosystem's most influential firms received conditional approvals that bring them closer to operating as federally regulated banks in the United States. Ripple, Circle, and BitGo, along with Fidelity Digital and Paxos, received provisional approval from the federal banking regulator—the OCC—to move toward a national trust bank charter that, if finalized, would allow these entities to hold client assets under federal supervision.

📖The Office of the Comptroller of the Currency (OCC) announced that it granted conditional approvals for a national trust bank charter to Ripple National Trust Bank, and that Circle's application for its entity, named First National Digital Currency Bank, also received conditional approval.
In the same announcement, the OCC indicated that it gave conditional approval to applications from BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company to convert their status from state trust company to national trust bank.
That firms like Circle and Ripple are moving forward in this direction would represent a huge boost for those seeking to merge the holding and trading of digital assets with traditional banking infrastructure.
However, the approvals are conditional: while they would pave the regulatory way, the entities would not be able to accept cash deposits or grant loans if they receive final approval. Yes, they could, however, custody their clients' assets under a federal umbrella, a point the executives enthusiastically emphasized in their public statements.
The Comptroller of the Currency, Jonathan V. Gould, noted that “New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,” underscoring the regulator's positive approach.
The move comes in a political climate characterized by a more crypto-friendly administration, and several other major firms have already taken similar paths: Coinbase, Stripe's Bridge unit, and Crypto.com have filed applications for federal banking charters; until now, Anchorage Digital was the only crypto firm with a federal charter in the US. The practical relevance of these applications is particularly high for stablecoin issuers: an OCC charter would allow Circle, for example, to act as custodian of its own reserves and hold crypto assets for institutional clients, albeit without the powers of a traditional bank until it obtains final authorizations.

Topic Opinion:
The fact that major players are seeking and obtaining federal oversight responds to a clear demand for security, custody, and legitimacy; at the same time, it raises regulatory and supervisory challenges that must be addressed with absolute transparency. I believe that integrating crypto within regulated banking structures can be tremendously positive for institutional adoption, provided that the rules regarding reserves, auditing, and segregation of duties are clear.
💬 Do you think these federal bank charters will accelerate the institutional adoption of stablecoins?

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