Circle, Ripple, Paxos, Fidelity Digital Assets and BitGo Win Conditional OCC Approval for National Trust Bank Charters
The U.S. Office of the Comptroller of the Currency (OCC) said Friday it has conditionally approved national trust bank charter applications involving five major digital asset firms: Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo.
The approvals split into two tracks. The OCC conditionally approved new national trust bank charters for Circle’s First National Digital Currency Bank and Ripple National Trust Bank. Separately, the agency conditionally approved conversions for Paxos Trust Company, BitGo Bank & Trust, and Fidelity Digital Assets to move from existing state-level trust structures into federally chartered national trust banks.
National trust banks are a type of special-purpose bank supervised at the federal level. In this framework, firms are placed into a “national trust bank” lane—an approach referenced in the supplied material as aligning with the structure described by IL 1176—focused on trust and custody-style activities rather than the full range of commercial banking.
The immediate significance is regulatory and operational. With a national trust bank charter, qualifying firms can operate under federal oversight rather than relying solely on state-by-state structures, giving them a clearer path to providing trust and custody services across the U.S. under a single federal framework.
The OCC’s decision also matters for stablecoin and dollar-token infrastructure because it signals a pathway for some digital asset businesses—especially those tied to U.S. dollar stablecoins and institutional custody—to operate within a more standardized federal banking perimeter.
The approvals are conditional, meaning the firms must still meet the OCC’s requirements before the charters or conversions become fully effective. The information provided indicates these approvals were granted as of late 2025.
In broader context, the move represents a notable expansion of federal crypto banking charters after earlier precedent in the sector, and it comes shortly after the OCC said U.S. banks would be able to purchase and sell crypto assets, underscoring the regulator’s evolving approach to how digital asset activities can fit within the U.S. banking system.