Circle, Ripple, Wise, and Erebor File OCC Bank Charter Applications

As reported in early July 2025, Circle, Ripple, Wise, and Erebor Bank have filed applications with the Office of the Comptroller of the Currency for federal national bank or trust charters. Circle, Ripple, and Wise are pursuing trust charter designations, which restrict activities to non-deposit and non-lending functions such as custody and payments. Erebor Bank is seeking a full-service national bank charter with FDIC deposit insurance, positioning it for broader banking operations.

The applications come amid a crypto-friendly regulatory shift under Acting Comptroller Rodney Hood and reflect a broader push by fintechs to secure direct regulatory standing in the US banking system. The OCC application process typically takes up to two years and involves tiered reviews based on the applicant's existing regulatory status. If approved, these charters would significantly reduce the companies' reliance on BaaS providers and sponsor banks for core financial services.

The wave of applications signals that embedded finance leaders view direct charter ownership as a strategic priority.