The U.S. cryptocurrency industry will welcome a historic breakthrough in December 2025. The Office of the Comptroller of the Currency (OCC) under the leadership of the new Trump administration has granted conditional approval for national trust bank licenses to five top cryptocurrency companies. These five companies are stablecoin giant Circle, cross-border payment network Ripple, institutional-grade custody service provider BitGo, Fidelity Digital Assets under traditional financial giant Fidelity, and compliant stablecoin issuer Paxos.

This approval means that cryptocurrency companies can legally operate custody and stablecoin businesses under the federal banking regulatory framework for the first time, rather than relying solely on state-level money transfer licenses or trust licenses. The federal trust bank license will give these companies higher regulatory recognition and a broader scope of business, enabling them to provide more comprehensive financial services to institutional clients. It also marks an important step in formally incorporating crypto assets into the traditional financial regulatory framework.

As the issuer of the USDC stablecoin, Circle's approval will further consolidate its leading position in the stablecoin market. The current market capitalization of USDC is approximately $78 billion, second only to Tether's USDT. The federal license will allow Circle to access the U.S. banking system more directly, providing seamless fiat and stablecoin exchange services to institutional clients.

Ripple, which has long focused on cross-border payment solutions, will gain higher trust when collaborating with traditional banks, especially in expanding RippleNet and ODL businesses. BitGo, as one of the earliest institutional-level digital asset custodians, will see a qualitative improvement in the compliance of its custody services due to the federal license.

Fidelity Digital Assets represents a model of traditional financial giants entering the crypto space. This approval shows that traditional financial institutions' layout in crypto asset custody and trading services is recognized by regulators. Paxos is known for its transparent reserve audits and compliance practices. The federal license will further enhance the market competitiveness of its stablecoin USDP and gold token PAXG.

This regulatory development has far-reaching implications for the entire cryptocurrency industry. It not only paves the way for more traditional financial institutions to participate in the crypto market but also provides higher funds safety guarantees for retail investors. It is expected that more cryptocurrency companies will apply for similar licenses in the future, and the trend towards industry compliance and institutionalization will further accelerate.