Five digital asset companies received conditional approvals Friday to become federally chartered trust banks from the Office of the Comptroller of the Currency (OCC), a major step aimed at bringing U.S. dollar stablecoin issuers under federal regulatory oversight.
Blockchain company Ripple and Circle’s (CRCL) first national digital currency bank is on the list, which also includes BitGo, Fidelity Digital Assets and Paxos, each of which previously operated under state charters that will be converted to conditional federal status.
The OCC is the only federal agency to charter banks and trusts, and this increase in approvals potentially marks a major turning point in the crypto banking space. Since the arrival of President Donald Trump’s administration, the regulator – led by his appointee Jonathan Gould – has moved from a crypto-resistant stance to a friendly approach.
“The OCC will continue to lead the way in both traditional and innovative approaches to financial services to ensure that the federal banking system keeps pace with the evolution of finance and supports a modern economy,” Gould said in a statement.
If the newly licensed trust banks succeed in meeting the agency’s expectations, they will permanently join about 60 regulated institutions with such charters, which authorize fiduciary activities, including custody. National Trust Banks – a category that includes the first chartered crypto bank, Anchorage Digital – have some limitations in their business operations, so they do not offer the same deposit and lending capabilities as the OCC’s largest pool of national banks.
“Huge news” for crypto, says Ripple’s Garlinghouse
Ripple CEO Brad Garlinghouse said in an article that the OCC’s decision was “huge news,” a “massive step” for the company’s $1.3 billion business. stable part. He also criticized the banking lobby for its “anti-competitive tactics.”
“You’ve complained that crypto doesn’t play by the same rules, but here we are, the crypto industry – directly under the OCC’s oversight and standards – prioritizing compliance, trust and innovation for the benefit of consumers,” Garlinghouse said. “What are you so afraid of?”
Circle, the issuer of the $78 billion stablecoin said in a press release that the national fiduciary bank’s charter would “enhance the security and regulatory oversight of the USDC reserve, while enabling Circle to offer digital asset fiduciary custody and associated services to institutional clients.”
Paxos, the company behind the $3.8 billion and the $1.4 billion consortium-backed Global Dollar (USDG) token said its federally regulated platform would “enable businesses to issue, hold, exchange and settle digital assets with clarity and confidence.” Notably, Paxos has operated under a charter from the New York Department of Financial Services (NYDFS) since 2015 and first applied for a federal charter in 2020.
Mike Belshe, CEO of BitGo, said that this development “marks the official end of the war on crypto and the start of the next era of innovation in banking,” adding that “we have entered the era of regulatory integration and improvements will continue to occur rapidly.” BitGo is the issuer behind USD1 (USD1), the digital dollar token of World Liberty Financial, a crypto project with close ties to the Trump family.
The crypto industry has long grappled with the banking industry in the United States, including in a protracted fight against regulators and large institutions that the industry accuses of systematically debanking their businesses and executives. The Trump administration has sought to roll back any banking policies and activities that negatively targeted crypto companies.
The OCC released a report on debanking on Thursday, saying the nine largest banks were involved and that those guilty of severing banking ties with legal business customers could face sanctions.
UPDATE (December 12, 2025, 4:59 p.m. UTC): Adds comments from two of the companies involved.
UPDATE (December 12, 2025, 5:06 p.m. UTC): Adds information to the OCC debanking report.
UPDATE (December 12, 2025, 5:16 p.m. UTC): Adds comment from Ripple CEO.
UPDATE (December 12, 2025, 5:37 p.m. UTC): Adds comment from BitGo CEO.
