According to ChainCatcher news, as reported by Crowdfund Insider, the Office of the Comptroller of the Currency (OCC) has just conditionally approved trust bank charters for Ripple, BitGo, Fidelity Digital Assets, Paxos, and Circle.
Conditional approval is a form of preliminary recognition, indicating that the OCC has reviewed the application and believes the company generally meets regulatory requirements (such as capital adequacy, risk management framework, and business plan), but it is not a final license. The company must meet specific conditions within a specified time frame to transition to full operational status. Once all conditions are met, the OCC will issue a final, unconditional national trust bank charter, allowing the company to immediately exercise trust bank powers, which primarily include: expanding core business, managing client assets as a trustee, handling payment settlements, custodial services for digital assets (such as stablecoin reserves), and providing related financial services. However, a trust bank charter is different from a full-service bank, as it cannot accept deposits or make loans. It can apply for a Federal Reserve master account, accelerate clearing, and access the traditional financial system, further promoting the integration of cryptocurrency and traditional finance.
