Five digital asset firms have received conditional approvals to become federally chartered trust banks by the Office of the Comptroller of Currency (OCC) on Friday in a major move to bring US dollar-denominated stablecoin issuers under federal regulatory oversight.
Blockchain firm Ripple and Circle’s (CRCL) First National Digital Currency Bank is on the list, which also includes BitGo, Fidelity Digital Assets and Paxos, each of which previously operated under state charters that will be converted to conditional federal status.
The OCC is the only federal agency that charters banks and trusts, and this surge in approvals potentially marks a major turning point in crypto banking. Since the arrival of President Donald Trump’s administration, the regulator – run by his appointee Jonathan Gould – has shifted from a crypto-resistant stance to a friendly approach.
“The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure that the federal banking system keeps pace with the evolution of finance and supports a modern economy,” Gould said in a statement.
If the newly approved trust banks can meet the agency’s expectations, they will permanently join about 60 regulated institutions with such charters, which allow for fiduciary activities, including custody. National trust banks — a category that includes the first chartered crypto bank, Anchorage Digital — have certain limits in their business activities, so they don’t offer the same deposit and lending options as the OCC’s larger pool of national banks.
“Huge news” for crypto, says Ripple’s Garlinghouse
Ripple CEO Brad Garlinghouse said in an X post that the OCC’s move is “huge news,” a “massive step” for the firm’s $1.3 billion. stablecoin. He also criticized the banking lobby for their “uncompetitive tactics.”
“You’ve complained that crypto doesn’t play by the same rules, but here is the crypto industry — directly under the OCC’s oversight and standards — prioritizing compliance, trust and innovation for the benefit of consumers,” Garlinghouse said. “What are you so afraid of?”
Circle, the issuer of the $78 billion stablecoin said in a press release that the national trust bank charter would “enhance the security and regulatory oversight of the USDC reserve while enabling Circle to offer fiduciary custody of digital assets and related services to institutional clients.”
Paxos, the company behind the 3.8 billion and the consortium-backed, $1.4 billion Global Dollar token (USDG), said its federally regulated platform would “allow companies to issue, store, trade and settle digital assets with clarity and confidence.” Notably, Paxos has operated under a New York Department of Financial Service (NYDFS) charter since 2015 and first applied for a federal charter in 2020.
Mike Belshe, CEO of BitGo, said the development “marks an official end to the war on crypto and the beginning of the next era of innovation in the banking sector,” adding that “we have entered the era of regulatory integration and improvements will continue to happen rapidly.” BitGo is the issuer behind USD1 (USD1), the digital dollar token for World Liberty Financial, a crypto project with close ties to the Trump family.
The crypto sector has long struggled with US banking, including a long-running battle against regulators and large institutions that the industry accused of systemically ripping off their companies and executives. The Trump administration has sought to reverse any policy and banking activity that negatively targeted crypto firms.
On Thursday, the OCC issued a report on debanking, arguing that all nine of the largest banks were involved and that those guilty of severing banking relationships with legitimate business customers could be punished.
UPDATE (December 12, 2025, 4:59 PM UTC): Adds comments from two of the companies involved.
UPDATE (December 12, 2025, 17:06 UTC): Adds information on the OCC’s debanking report.
UPDATE (December 12, 2025, 17:16 UTC): Adding commentary from Ripple’s CEO.
UPDATE (December 12, 2025, 17:37 UTC): Adding comment from BitGo’s CEO.
