Bitcoin Magazine

Five Crypto Firms Win Conditional Approvals as National Trust Banks, Including Fidelity and BitGo

The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approvals for five digital asset firms — Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos — to become federally chartered national trust banks, marking a major milestone in the integration of cryptocurrency into traditional finance.

The approvals, announced Friday, allow the firms to convert from state-level trust charters to federal status, subject to meeting the OCC’s conditions. 

Once finalized, these institutions will join roughly 60 other national trust banks regulated by the OCC, gaining the ability to offer fiduciary and custody services nationwide. 

Unlike larger national banks, trust banks cannot accept cash deposits or make loans, but they can hold and manage customers’ digital assets.

‘Huge news’ for crypto

Circle, issuer of the $78 billion USDC stablecoin, said the charter would enhance the safety and regulatory oversight of its reserves while enabling fiduciary digital asset custody for institutional clients.

CEO Jeremy Allaire emphasized that the federal charter would provide “greater clarity and confidence” to institutions building on Circle’s platform as stablecoins gain mainstream adoption.

Paxos, known for PYUSD and the consortium-backed Global Dollar (USDG), said federal oversight would allow businesses to issue, custody, trade, and settle digital assets with clarity and confidence. 

The firm, which has operated under a New York Department of Financial Services (NYDFS) charter since 2015, first applied for a federal charter in 2020.

BitGo, a South Dakota–based crypto custodian, said the federal charter would allow it to expand services nationwide, including trading, staking, stablecoin, and treasury offerings for institutions. BitGo has also filed to go public, reporting $4.19 billion in revenue for the first half of 2025, up from $1.12 billion during the same period in 2024.

The approvals reflect a broader trend toward federal oversight of digital assets, coming after Anchorage Digital became the first federally chartered crypto bank in the U.S. Other firms, including Coinbase, Bridge (owned by Stripe), and Crypto.com, have also applied for federal charters.

OCC Comptroller Jonathan V. Gould emphasized that new entrants into the federal banking sector benefit consumers, foster competition, and promote innovation.

 “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy,” Gould said.

This post Five Crypto Firms Win Conditional Approvals as National Trust Banks, Including Fidelity and BitGo first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

On Friday, the Office of the Comptroller of the Currency (OCC) approved national trust charter applications from several key firms in the industry including Circle’s First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. 

OCC’s Approval Of Digital Asset Trust Banks

Once finalized and full approval is reached, these national trust bank charters would empower the crypto companies to manage and hold assets on behalf of their customers, enabling faster payment settlements. 

Currently, Anchorage Digital is the only digital asset company that holds a national trust bank charter from the OCC, which oversees a total of 60 such institutions. 

Comptroller Jonathan Gould emphasized that each application underwent a thorough and rigorous review process, underscoring the necessity for each entity to meet additional conditions before gaining full operational status. 

He explained that welcoming new entrants into the banking landscape aids in modernizing the system, diversifying offerings, and enhancing access to innovative financial products.

Ripple CEO Challenges Banking Lobbyists

Brad Garlinghouse, CEO of Ripple, commented on the approval via social media, highlighting it as a significant advancement for Ripple’s stablecoin, RLUSD. He stated that it sets a high standard for compliance under both federal and state regulation.

Garlinghouse also took a moment to address banking lobbyists who may have opposed this move, asserting that their “anti-competitive tactics” are evident.

The executive pointed out that while these lobbyists have argued that the crypto industry does not abide by the same regulations, the recent approvals demonstrate that the crypto sector is operating transparently under the supervision of the OCC. 

Stuart Alderoty, Ripple’s Chief Legal Officer, noted that the firm is among the first entities to receive conditional approval following the enactment of the GENIUS legislation, ensuring the sustainability of Ripple’s stablecoin business for the long term.

Featured image from DALL-E, chart from TradingView.com