Catenaa, Monday, December 15, 2025- US banking regulators have granted conditional approvals to several major crypto firms, a move that could allow them to operate as federally regulated trust banks and expand their role in traditional finance.
The Office of the Comptroller of the Currency said it conditionally approved national trust bank charters tied to Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos.
The approvals mark a step toward federal oversight for firms that hold and manage digital assets for clients.
Ripple’s approval applies to a proposed entity known as Ripple National Trust Bank, linked to the XRP Ledger ecosystem.
Circle received conditional approval through a newly formed unit called First National Digital Currency Bank, positioning the stablecoin issuer to custody reserves and digital assets for institutional clients.
BitGo, Fidelity Digital Assets and Paxos were approved to convert from state-regulated trust companies into national trust banks.
If final approvals are granted, the firms would be permitted to safeguard customer assets but would not be allowed to accept cash deposits or issue loans.
The structure limits traditional banking activities while placing crypto custody operations under federal supervision.
The approvals come amid a more receptive regulatory climate for digital assets under the Trump administration and as Congress advances stablecoin legislation.
The GENIUS Act, passed this year, requires strict reserve backing for stablecoin issuers and increases oversight of firms operating at scale.
Federal officials said new entrants into the national banking system could benefit consumers and competition. Industry participants view the charters as a bridge between digital asset markets and established financial institutions.
Other crypto companies, including Coinbase, Crypto.com and Stripe-owned Bridge, have also applied for federal banking charters. Until now, Anchorage Digital has been the only crypto firm with a federal charter.
