OCC Grants Conditional Approval for Five Crypto Trust Banks

• Ripple, Circle, and three peers gain conditional OCC approval for trust bank charters.
• Charters allow nationwide custody and fiduciary services but bar deposits and lending.
• Move shifts firms from state regimes to uniform federal supervision under the OCC.

On Friday, the Office of the Comptroller of the Currency granted conditional approval to five digital asset firms seeking national trust bank charters. The move involves Ripple, Circle, BitGo, Paxos, and Fidelity Digital Assets and outlines how these firms may operate under federal supervision.

OCC Details and Conditional Trust Bank Approvals

According to the OCC, the approvals cover two new national trust banks and three charter conversions. Ripple and Circle received conditional approval for de novo national trust bank charters. Meanwhile, BitGo, Paxos, and Fidelity Digital Assets received approval to convert existing state trust charters into national ones.

However, the approvals remain conditional and require final authorization before operations can begin. The OCC stated that each firm must meet agency expectations before receiving full approval. Until then, none of the trust banks can commence federally chartered activities.

If finalized, the charters would allow custody services and fiduciary activities nationwide. However, the structure limits core banking functions, such as the National Trust Banks cannot accept cash deposits or issue loans, according to OCC rules.

Currently, Anchorage Digital remains the only crypto-focused firm holding a national trust bank charter. With these approvals, the OCC would supervise roughly 60 national trust banks. The regulator said it applied the same standards used for all charter applications.

From State Oversight to Federal Supervision

Circle’s approved entity is named First National Digital Currency Bank. According to Circle, the charter would place its USDC reserves under enhanced federal oversight. The company also said the approval enables fiduciary custody services for institutional clients.

Ripple’s approved entity is Ripple National Trust Bank. The firm confirmed the approval relates to oversight of its RLUSD stablecoin operations. Ripple said the trust bank would operate under OCC supervision if final approval is granted.

Paxos, BitGo, and Fidelity Digital Assets previously operated under state charters. Paxos has held a New York Department of Financial Services trust charter since 2015. It first applied for a federal charter in 2020, according to company statements.

BitGo operates as a digital asset custodian and issues the USD1 token. Fidelity Digital Assets is the digital asset arm of Fidelity Investments. Each firm now awaits final OCC authorization to complete charter conversion.

Related: Ripple Seeks OCC Banking License with Trust Bank Application

Regulatory Shift Follows Industry and Policy Pressure

The approvals come amid broader debate over crypto access to U.S. banking services. Notably, major banking groups previously urged the OCC to reject several applications. They argued that the charters could allow for lighter oversight and increase systemic risk.

In response, the Bank Policy Institute said the conditional approvals leave key questions unanswered. The group cited uncertainty around how requirements would reflect each firm’s risk profile. The OCC has not detailed tailored supervisory conditions.

Comptroller of the Currency Jonathan Gould defended the decision in official statements. He said new entrants strengthen competition and support a modern banking system. Gould added that the OCC will continue supporting both traditional and innovative financial services.

The approvals follow policy changes under President Donald Trump’s administration. Trump publicly sought to revise crypto regulation after receiving campaign support from the industry. Since then, the OCC has adopted a more open stance toward digital asset firms.

Earlier this week, the OCC released a report on alleged debanking practices. The report stated that all nine of the largest U.S. banks participated. The OCC said banks that sever lawful customer relationships could face enforcement action.

Taken together, the OCC’s actions outline a structured federal path for crypto trust banks. The regulator approved five firms, defined operating limits, and retained final authority. The decision places custody-focused crypto firms under uniform federal supervision while maintaining existing trust bank restrictions.