Circle Internet Group and Ripple receive preliminary approval to establish their own national trust banks – Image: Getty Images
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The U.S. digital currency industry has marked a significant milestone as several major players in the sector have received preliminary approval from banking regulators, paving the way for deeper integration into the traditional financial system.
On December 12, the Office of the Comptroller of the Currency (OCC) announced conditional approvals for several digital currency companies to establish or convert to national trust bank models. Among these, Circle Internet Group and Ripple have been preliminarily approved to form their own national trust banks.
Additionally, Paxos, BitGo, and Fidelity Digital Assets have been granted permission to convert their state trust bank licenses to federal licenses, enabling them to operate nationwide.
However, these approvals are preliminary. The OCC stated that final approval is required before these trust banks can commence operations and reserves the right to modify or suspend decisions if conditions are not met.
Under the regulations, a national trust bank license allows digital currency companies to custody and manage assets for clients and execute and settle transactions more efficiently. However, this license does not permit these firms to accept deposits or extend credit, and client accounts are not insured by the Federal Deposit Insurance Corporation (FDIC) as in traditional commercial banks.
To obtain full licensure, digital currency companies must meet various OCC requirements, including minimum capital and liquidity standards, and restrict their operations to trust banking activities.
Furthermore, these companies must comply with the GENIUS Act—a federal legal framework for USD-backed stablecoins—and other relevant laws that the U.S. Congress is expected to consider in the near future.
Jonathan Gould, the OCC head appointed by President Donald Trump, believes that the inclusion of new organizations in the federal banking sector will benefit consumers and the economy, fostering a more dynamic and competitive banking system.
Nevertheless, this move has faced opposition from some banking industry groups, who express concerns that digital currency companies may be subject to less stringent regulation, potentially increasing systemic risks.
Currently, Anchorage Digital is the only digital currency firm holding a national trust bank license in the U.S. The OCC oversees approximately 60 national trust banks, alongside commercial banks and other financial institutions in the federal system.
Minh Trang
– 18:46 13/12/2025
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