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The U.S. Office of the Comptroller of the Currency (OCC) has granted<\/a> conditional approvals for five digital asset firms \u2014 Ripple, Circle, Fidelity Digital Assets, BitGo<\/a>, and Paxos \u2014 to become federally chartered national trust banks, marking a major milestone in the integration of cryptocurrency into traditional finance.<\/p>\n The approvals, announced Friday, allow the firms to convert from state-level trust charters to federal status<\/a>, subject to meeting the OCC\u2019s conditions.\u00a0<\/p>\n Once finalized, these institutions will join roughly 60 other national trust banks regulated by the OCC, gaining the ability to offer fiduciary and custody services nationwide.\u00a0<\/p>\n Unlike larger national banks, trust banks cannot accept cash deposits or make loans, but they can hold and manage customers\u2019 digital assets.<\/p>\n Circle, issuer of the $78 billion USDC stablecoin, said the charter would enhance the safety and regulatory oversight of its reserves while enabling fiduciary digital asset custody for institutional clients.<\/p>\n CEO Jeremy Allaire emphasized that the federal charter would provide \u201cgreater clarity and confidence\u201d to institutions building on Circle\u2019s platform as stablecoins gain mainstream adoption.<\/p>\n Paxos, known for PYUSD and the consortium-backed Global Dollar (USDG), said federal oversight would allow businesses to issue, custody, trade, and settle digital assets with clarity and confidence.\u00a0<\/p>\n The firm, which has operated under a New York Department of Financial Services (NYDFS) charter since 2015, first applied for a federal charter in 2020.<\/p>\n BitGo, a South Dakota\u2013based crypto custodian, said<\/a> the federal charter would allow it to expand services nationwide, including trading, staking, stablecoin, and treasury offerings for institutions. BitGo has also filed<\/a> to go public, reporting $4.19 billion in revenue for the first half of 2025, up from $1.12 billion during the same period in 2024.<\/p>\n The approvals reflect a broader trend toward federal oversight of digital assets, coming after Anchorage Digital became the first federally chartered crypto bank in the U.S. Other firms, including Coinbase, Bridge (owned by Stripe), and Crypto.com, have also applied for federal charters.<\/p>\n OCC Comptroller Jonathan V. Gould emphasized that new entrants into the federal banking sector benefit consumers, foster competition, and promote innovation.<\/p>\n \u00a0\u201cThe OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy,\u201d Gould said.<\/p>\n<\/p><\/div>\n\u2018Huge news\u2019 for crypto<\/strong><\/h2>\n