Ripple, Circle, and several other major crypto firms have taken a significant step toward deeper integration with the U.S. financial system. On Friday, the Office of the Comptroller of the Currency (OCC) granted conditional approval for national trust bank charters to five digital asset companies, according to an official announcement.
The firms receiving approval include Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets. With these charters, the companies move directly under federal banking oversight, gaining access to the Federal Reserve’s payment infrastructure and bypassing state-level regulatory frameworks.
OCC Comptroller Jonathan Gould welcomed the decision, saying that bringing new players into the federal banking system benefits “consumers, the banking industry, and the economy.”
A milestone for crypto banking in the U.S.
Among the approvals are new national trust bank charters for Ripple National Trust Bank and Circle’s First National Digital Currency Bank. Meanwhile, Paxos Trust Co., BitGo Bank & Trust, and Fidelity Digital Assets were cleared to convert their existing state charters into national ones.
This marks the first major expansion of federal crypto banking charters since Anchorage Digital received approval in 2021, highlighting a renewed push to formally integrate digital asset firms into traditional financial rails.
Backed by new U.S. stablecoin law
The approvals come shortly after the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) became law on July 18. The legislation created a federal regulatory framework for the stablecoin market, which currently stands at around $314 billion, according to market data.
Alongside the charter approvals, the OCC issued Interpretive Letter 1188 on Dec. 9. The guidance allows national banks to conduct crypto trading on a “riskless principal” basis, meaning banks can facilitate transactions without taking market risk onto their own balance sheets.
What it means for stablecoins like USDC
Circle CEO Jeremy Allaire said the charter significantly strengthens the company’s infrastructure. With direct access to the Federal Reserve, Circle can now settle USDC transactions without relying on commercial bank intermediaries, a move that could streamline operations and improve resilience.
Industry experts also point to risk reduction. During the collapse of Silicon Valley Bank, exposure to traditional banking partners contributed to USDC briefly losing its dollar peg. National trust charters help remove that counterparty risk by enabling 24/7 settlement finality through Fed-connected accounts, such as FedMaster.
Market reaction and broader impact
Crypto markets showed no immediate volatility after the announcement, suggesting investors had already priced in the news following the GENIUS Act’s passage.
Analysts believe the decision could reshape the stablecoin landscape. With regulated U.S. issuers now directly linked to the Federal Reserve, the gap between onshore, compliant stablecoins and offshore alternatives may widen as institutions increasingly favor Fed-integrated payment systems.
Overall, the OCC’s move signals a growing willingness by U.S. regulators to bring crypto firms fully into the banking mainstream—under clear rules and federal oversight.
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