OCC Conditionally Approves Five National Trust Bank Charters for Digital Asset Firms
On December 12, 2025, the Office of the Comptroller of the Currency conditionally approved five national trust bank charter applications from prominent digital asset and fintech firms. Two de novo national trust bank charters were granted to First National Digital Currency Bank (owned by Circle) and Ripple National Trust Bank, while three conversions from state trust companies to national trust banks were approved for BitGo Bank & Trust, N.A.; Fidelity Digital Assets, N.A.; and Paxos Trust Company, N.A. All five entities plan to focus on digital asset custody and related services, with four also intending to issue stablecoins under the emerging GENIUS Act framework.
The OCC imposed standard conditional requirements including maintaining minimum Tier 1 capital levels, holding 180 days of operating expenses in eligible liquid assets, and obtaining no-objection letters for senior officers and directors. Upon meeting all conditions, the institutions will join approximately 60 other OCC-supervised national trust banks. These are the first such approvals since 2021, when Anchorage Digital Bank, Paxos National Trust, and Protego Trust Company received charters.
The American Bankers Association raised concerns about limited-activity charters and regulatory risks for crypto-focused entities, highlighting ongoing tension between traditional banking and digital asset entrants.
- Creates a clear federal regulatory pathway for major crypto firms to operate as national trust banks, potentially accelerating institutional adoption of digital asset custody and stablecoin issuance.
- Signals a major shift in OCC posture toward digital asset firms after a four-year pause, likely prompting more fintech charter applications and reshaping the BaaS landscape around crypto-native banking infrastructure.
- Heightens tension between traditional banks and crypto entrants over regulatory parity and risk management standards for limited-activity charters.