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U.S. Regulator Approves Five Crypto Firms as National Trust Banks

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U.S. digital asset regulation took a major step as the OCC approved five crypto firms for national trust bank charters. Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets received conditional approvals. BitGo, Fidelity, and Paxos are converting state trust companies into national banks, while Circle and Ripple are securing new charters. The regulator crackdown has not stopped innovation—these firms will now be able to custody digital assets and issue stablecoins, except Ripple, which is barred from launching RLUSD under the new charter. Coinbase has also applied but has no plans to become a traditional bank.
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