The United States has taken a landmark step in financial regulation after the Office of the Comptroller of the Currency granted conditional approval for five leading crypto companies to operate as national trust banks.
Ripple, Circle, Paxos, BitGo and Fidelity Digital Assets are now set to enter the federal banking system, marking one of the most significant regulatory endorsements of the digital asset sector to date.
The OCC confirmed that BitGo, Fidelity Digital Assets and Paxos will convert their existing state-chartered trust companies into national trust banks under direct federal supervision.
Circle and Ripple, by contrast, are pursuing entirely new federal banking charters, signalling a more ambitious regulatory reset for both firms.
The approvals move these companies out of a previously uncertain regulatory position and place them firmly within the traditional US banking framework.
National trust bank status allows the firms to provide digital asset custody and settlement services under strict oversight from the OCC.
“The arrival of new players in the federal banking sector is a positive development for consumers, the banking system and the wider economy,” Jonathan Gould said.
Paxos stated that its regulated platform will enable institutions to “issue, custody, exchange and settle digital assets with clarity and confidence,” Paxos said.
The company also confirmed it retains the authority to issue dollar-pegged stablecoins under its new charter, reinforcing its role in regulated digital finance.
Regulatory permissions, however, differ across firms, with Ripple restricted from issuing its RLUSD stablecoin under the newly approved structure.
This limitation contrasts with Paxos’ stablecoin privileges and highlights uneven regulatory treatment within the sector.
Beyond regulation, several of the approved firms are pursuing divergent corporate strategies to capitalise on institutional demand.
BitGo is preparing for a potential initial public offering, with the Securities and Exchange Commission currently reviewing its September filing.
The company is targeting a New York Stock Exchange listing and reports approximately $90 billion in assets under custody.
Circle has already gone public, having listed on the NYSE in May following the growth of its USDC stablecoin business.
Ripple has rejected similar plans, with its leadership ruling out any intention to pursue an IPO in the near term.
Paxos has also declined to signal interest in public markets, maintaining a private structure despite regulatory advances.
The move extends beyond these five firms, as Coinbase confirmed it filed a separate application with the OCC in October.
Coinbase stressed that it has “no intention of becoming a bank in the traditional sense,” Coinbase said.
By granting these approvals, the OCC has effectively acknowledged the long-term role of digital assets within the US financial system.