OCC Grants Upstart Conditional Approval for De Novo National Bank Charter
The Office of the Comptroller of the Currency granted preliminary conditional approval on Feb 12, 2026, for Bridge National Trust Bank, a proposed national trust bank headquartered in New York. The bank will be a wholly owned subsidiary of Bridge Ventures LLC, itself a subsidiary of Stripe, Inc. Bridge National Trust Bank plans to issue USD-denominated stablecoins, including becoming the primary issuer of xUSD.
It will also provide digital asset custody services on a fiduciary basis, primarily to retail customers outside New York. Additional planned services include orchestration, reserve management for affiliated and non-affiliated stablecoin issuers, and collateral trustee services. Final approval under 12 USC 27(a) will not be granted until all preopening requirements are met.
The OCC retains the right to modify, suspend, or rescind the preliminary approval if interim developments warrant such action.
- Signals growing regulatory willingness to approve fintech-led de novo bank charters, potentially encouraging more fintechs to seek their own charters
- Reduces BaaS dependency as fintechs like Upstart move from partner-bank models to owning their own banking infrastructure
- OfficialOcc — Press Release
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