The OCC approved five crypto firms, including Circle and Ripple, to form national trust banks under federal oversight.
Circle and Ripple have 18 months to meet OCC requirements before fully launching their trust bank operations.
Paxos is allowed to issue stablecoins under the charter, while Ripple's approval excludes RLUSD issuance.
The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved five crypto companies to launch national trust banks. These firms include Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets. The OCC’s decision provides these companies a uniform federal charter instead of navigating individual state regulations.
Circle Gains Federal Trust Bank Charter
Circle received conditional approval to form a national trust bank and will operate under OCC oversight without issuing loans or deposits. The charter allows Circle to streamline its operations under a single federal framework, simplifying compliance across states. Circle now has 18 months to meet capital, staffing, and infrastructure requirements before undergoing a final OCC review.
The firm can now expand custody and settlement services while operating with a federal charter. This move follows Circle’s public listing in June 2025, which boosted investor confidence and market value. Circle sees the trust bank structure as essential to offering transparent and compliant services to institutional clients.
A spokesperson said the new charter helps “strengthen our ability to offer secure financial infrastructure at a global level.” The firm aims to build federally compliant systems to maintain operational integrity across digital asset services. Circle has emphasized regulatory alignment as a key component of its expansion strategy.
Ripple to Operate National Trust Bank Without Stablecoin Issuance
Ripple received conditional approval from the OCC but will not issue RLUSD under its new trust charter. The bank charter enables Ripple to offer custody and select banking services without engaging in deposit-taking or lending. Ripple’s charter excludes stablecoin issuance, focusing instead on secure asset management and client settlement services.
The company now has 18 months to build a compliant infrastructure and prepare for the final OCC examination. Ripple will focus on custody and regulatory-compliant financial products within the trust bank framework.
A Ripple representative confirmed, “We have no plans to issue RLUSD through the new trust bank.” The company intends to keep its token issuance and trust banking services separate under regulatory guidelines. Ripple has not announced plans for a public listing, unlike other crypto firms advancing into traditional finance. The company maintains it will focus on operational growth within regulated frameworks.
Paxos, BitGo, and Fidelity Receive Trust Conversions
The OCC approved Paxos, BitGo, and Fidelity Digital Assets to convert existing state trust firms into national trust banks. These conversions allow each firm to replace fragmented state compliance with a unified federal structure. Paxos gained permission to issue stablecoins under federal oversight, unlike Ripple’s restricted charter.
This approval supports Paxos’ expansion of regulated blockchain-based financial services across broader markets. BitGo becomes the first crypto custodian to file for an IPO after receiving a federal charter conversion. The firm now operates with a federal rulebook that provides regulatory clarity for clients and partners.
Fidelity Digital Assets will continue providing digital asset custody and investment solutions through its national trust bank. Each firm now begins the 18-month window to meet final requirements and maintain OCC compliance. They must pass the OCC’s final examination before fully operating under national trust bank status.
