OCC Advances Federal Oversight for Major Stablecoin and Digital Asset Institutions
In a landmark regulatory shift, five major crypto firms have received conditional approval to convert into federally chartered national trust banks, marking one of the most significant advancements yet in the U.S. effort to formalize oversight of digital-asset companies.
The Office of the Comptroller of the Currency granted preliminary approval to Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos all of which currently operate under state-level trust structures. This move positions them to follow the path first taken by Anchorage Digital, the earliest crypto firm to secure a federal trust bank charter.
The OCC noted that the approvals reflect its commitment to ensuring the banking system keeps pace with financial innovation, providing a pathway for both traditional and emerging models. While national trust banks operate with limits compared to full national banks, the charter enables them to conduct fiduciary activities, including digital asset custody, under direct federal supervision.
Circle said the charter would strengthen oversight of the USDC reserve while supporting institutional custody services. Paxos emphasized that federal authorization will give businesses clearer, more secure channels to issue, trade, and settle digital assets.
The development arrives amid renewed attention on debanking practices, with the OCC signaling that large institutions involved in cutting access to lawful crypto firms could face consequences. Together, the approvals underscore a decisive step toward integrating stablecoin issuers and digital asset custodians into the core of the U.S. financial system.
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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.