The Office of the Comptroller of the Currency (OCC) conditionally approved national trust bank charters for five digital asset firms—Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos—on December 12, 2025, bringing crypto custody and stablecoin activities under federal supervision. Comptroller Gould praised the move for fostering banking competition, amid stablecoin market growth to $313 billion, following the bipartisan GENIUS Act.
In a key development for crypto integration into U.S. banking, the Office of the Comptroller of the Currency (OCC) announced on December 12, 2025, conditional approvals for national trust bank charter applications from five firms: Circle's First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. This follows the OCC's 2021 approval for Anchorage Digital and upgrades the firms' state-level operations to federal oversight.
The limited-scope charters permit services like digital asset custody, settlement, trade execution, and stablecoin issuance but prohibit deposit-taking and lending to mitigate risks. They grant access to Federal Reserve systems and potential FDIC insurance eligibility, amid surging stablecoin adoption—the market hit $313 billion in 2025, up over $100 billion year-to-date per CoinGecko.
Comptroller Gould, a Trump appointee, emphasized adapting the federal system to innovations like blockchain. At the recent Blockchain Association Policy Summit, he noted a rise in charter applications and warned that post-2008 declines in new banks have reduced competition and harmed consumers. "Chartering new banks, including those involved in digital asset activities, is essential to a healthy, competitive U.S. banking system," Gould stated, adding that the OCC supports "new ways of conducting the very old business of banking."
The approvals align with the bipartisan GENIUS Act, signed by President Trump in July 2025, establishing a federal framework for payments stablecoins. Industry leaders celebrated: Ripple CEO Brad Garlinghouse called it a "massive step" for RLUSD; Circle CEO Jeremy Allaire highlighted compliance standards for USDC; Paxos CEO Charles Cascarilla noted innovation benefits; BitGo CEO Mike Belshe declared an "end to the war on crypto." Anchorage Digital deemed it "long overdue."
Critics, including Bank Policy Institute CEO Greg Baer, raised concerns over systemic risks, tailored supervision, and transparency. Large banks worry about stablecoin competition for deposits. Proponents argue the charters enhance oversight without balance-sheet risks and prevent offshoring. Pending applications include those from Coinbase and Stripe's Bridge, among over a dozen this year.
