OCC Greenlights Circle, Ripple, and Others to Launch Crypto National Banks
Regulators just handed crypto the keys to the kingdom—and Wall Street's old guard is sweating.
The New Banking Frontier
Forget waiting for legacy banks to get comfortable with digital assets. The Office of the Comptroller of the Currency just gave major crypto players the charter to build their own federally regulated national banks. This isn't a side door; it's a main entrance.
Cutting Out the Middleman
The move bypasses the patchwork of state-by-state licensing that has throttled innovation. Companies like Circle and Ripple can now design financial services from the ground up—with crypto at the core, not as an awkward add-on. It turns traditional finance's 'wait and see' approach into 'build and scale.'
A Provocative Balance
This is a seismic shift for legitimacy, but let's not pop champagne just yet. A charter brings the full weight of federal oversight—every transaction, every reserve ratio, every compliance report now under the microscope. It's the ultimate test: can crypto's disruptive ethos survive inside the regulatory machine? One thing's certain: the race to build the first true crypto-native bank is officially on, leaving traditional finance to play catch-up—a favorite pastime they're getting tired of.
Crypto Firms Win Conditional Approval for National Trust Banks
Circle and Ripple were among the applicants granted conditional approval to build national trust banks, a charter that allows them to custody assets and offer select banking services without taking deposits or issuing loans.
The entrants now have 18 months to raise capital, assemble staff and build compliant infrastructure before facing a final exam from the OCC.
Trust charters have historically been the realm of asset managers and insurers, but the crypto sector has increasingly sought them as a regulatory foothold that can streamline operations and remove intermediaries.
The OCC also approved BitGo, Fidelity Digital Assets and Paxos to convert existing state trust companies into federally chartered banks.
JUST IN: The OCC just approved conditional national trust bank charters: Ripple. Paxos. BitGo. Fidelity Digital Assets. Circle.
A national trust charter means federal supervision, 50-state reach, and the credibility to custody assets for ETFs, treasuries, and institutions… pic.twitter.com/DWQyX6jKsm
The shift gives the firms the ability to operate under a single national standard rather than juggling a patchwork of state rules, a longstanding pain point for digital-asset custodians.
For Paxos, the approval explicitly permits stablecoin issuance under federal oversight, while Ripple’s charter states it will not issue its US dollar-pegged RLUSD through the bank.
Crypto firms argue that a national trust bank charter brings clarity and boosts client confidence, especially for custody and settlement services.
Stablecoin issuers, in particular, view federal oversight as a way to assure corporate partners and distance themselves from lightly regulated competitors.
Jonathan Gould, the Comptroller of the Currency, said the new entrants WOULD help ensure that the federal banking system “keeps pace with the evolution of finance.”
Crypto’s Push for Legitimacy Grows as Approvals and Listings Surge
The approvals come as the crypto industry seeks broader legitimacy in Washington.
The digital asset space has seen several notable public listings in 2025. Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.
Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
Ripple, by contrast, has said it has no plans to pursue an IPO.
