Five major crypto firms have cleared an important regulatory hurdle in the U.S., after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to operate as national trust banks.
The firms — Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos — are now on track to convert their existing state charters into federal trust bank status, following the path opened by Anchorage Digital, the first crypto company to secure a federal trust charter.
Why This Matters
The move signals a major shift in Washington’s approach to crypto oversight, especially for stablecoin issuers. With these approvals, the OCC is bringing some of the biggest names in digital assets directly under federal supervision, instead of the patchwork of state-level rules.
The regulator, led by Comptroller Jonathan Gould, said the goal is to ensure the U.S. banking system keeps pace with financial innovation while maintaining safety and trust.
If finalized, the firms will join roughly 60 federally chartered trust institutions, which are allowed to offer services like digital asset custody — though not traditional lending or deposit-taking.
Industry Reaction
Ripple CEO Brad Garlinghouse called the approval “huge news,” saying it’s a major step forward for Ripple’s RLUSD stablecoin and a clear signal that crypto firms are willing to play by the same rules as traditional finance.
Circle said a national trust bank charter would strengthen oversight of USDC’s reserves and allow it to expand custody services for institutional clients.
Paxos said federal supervision will give businesses more confidence when issuing, holding, and settling digital assets, while BitGo CEO Mike Belshe described the move as “the end of the war on crypto” in the U.S.
A Turning Point for Crypto Banking
The approvals come as the U.S. government, under President Donald Trump’s administration, adopts a more open stance toward crypto after years of regulatory friction and accusations of “debanking.”
With new stablecoin laws now in place and federal oversight expanding, crypto firms are increasingly moving from the regulatory margins into the core of the U.S. financial system.
