Key Takeaways
- The OCC granted conditional approvals for five national trust bank charters, including Ripple and BitGo.
- Approved firms may offer federally regulated crypto custody and trust services pending final requirements.
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The Office of the Comptroller of the Currency (OCC) has conditionally approved five applications for national trust bank charters, including Ripple National Trust Bank and BitGo Bank & Trust.
The approvals allow these firms to join the U.S. federal banking system, pending fulfillment of regulatory conditions.
Other firms receiving approval include Fidelity Digital Assets, Paxos Trust Company, and First National Digital Currency Bank. BitGo, Fidelity, and Paxos will convert from existing state trust charters, while Ripple and First National Digital Currency Bank were approved as new (de novo) entities.
The approvals expand the number of federally chartered national trust banks—currently around 60—and allow crypto-native firms to operate across state lines under consistent federal oversight. These charters permit custody of digital and non-deposit financial assets, including stablecoins and tokenized instruments.