Étienne Girard
Several of the largest names in crypto have taken a major step toward entering the U.S. banking system. Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos have received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as federally regulated national trust banks.
The OCC confirmed on Friday that it has conditionally approved the creation of Ripple National Trust Bank, marking a milestone for the blockchain company closely associated with the XRP Ledger.
Circle’s approval is tied to a newly formed institution called First National Digital Currency Bank. According to Circle CEO Jeremy Allaire, the decision strengthens confidence among global institutions as stablecoins and blockchain infrastructure move deeper into mainstream finance.
If finalized, the charter would allow Circle to custody its own reserves and safeguard digital assets for institutional clients, though it would not permit traditional activities such as deposit-taking or lending.
Alongside Ripple and Circle, the OCC also granted conditional approvals to BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company, enabling them to transition from state-regulated trust companies to national trust banks.
This shift places these firms under a unified federal regulatory framework, signaling growing acceptance of crypto-native institutions within the U.S. financial system.
Why National Trust Bank Status Matters for Crypto
While these licenses do not allow firms to accept cash deposits or issue loans, they do authorize them to hold and safeguard customer assets. According to Comptroller of the Currency Jonathan V. Gould, welcoming new entrants into federal banking benefits consumers, competition, and the broader economy.
The approvals arrive amid a more constructive regulatory tone toward crypto under the current Trump administration, encouraging companies to bridge digital assets with traditional finance.
Growing List of Crypto Firms Seeking Bank Charters
Ripple and Circle are not alone in pursuing federal banking status. Coinbase, Crypto.com, and Bridge (owned by Stripe) have also submitted applications to become federally chartered banks.
Until now, Anchorage Digital has been the only crypto-focused firm to successfully secure a federal banking charter in the U.S., highlighting how significant this new wave of approvals could be.
Circle’s Long-Term Vision for a Banking License
A national trust bank charter would allow Circle to expand its role as a crypto custodian, reinforcing its position in the stablecoin ecosystem. While the firm has long explored obtaining a full banking license, the current approval stops short of enabling deposit services or lending, key features of traditional banks.
Still, the move represents a strategic foundation for future expansion within regulated financial markets.
Ripple, RLUSD and the GENIUS Act
Ripple applied for its banking charter shortly after Circle’s submission. If approved, Ripple’s stablecoin RLUSD would fall directly under OCC supervision, adding another layer of regulatory oversight.
The recently passed GENIUS Act requires stablecoin issuers to maintain strict reserve backing, primarily through cash and short-term U.S. Treasurys. A national trust bank charter could provide a clear and scalable regulatory pathway for stablecoin issuers aiming to grow within the U.S.
Ripple CEO Brad Garlinghouse previously emphasized that dual oversight at both the state and federal level would set a new standard for trust and compliance in the stablecoin market.
