US Regulator Approves National Trust Bank Charters for Five Digital Asset Companies
The Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charters for five digital asset companies, including Ripple, Circle, and Fidelity Digital Assets. This move formally integrates these companies into the federal banking system, providing them with direct access to the Federal Reserve’s payment channels and preventing state-level oversight. According to Comptroller Jonathan Gould, “New entrants to the federal banking sector are good for consumers, the banking sector, and the economy.”
Approved List of Digital Asset Companies
The approved list includes new charters for Circle’s first national digital currency bank and Ripple National Trust Bank. Additionally, Paxos Trust Co., BitGo Bank & Trust, and Fidelity Digital Assets have been approved for conversions from state to national charters. This is the first expansion of federal crypto banking charters since Anchorage Digital was approved in 2021.
Washington’s Regulatory Blueprint Takes Shape
The approvals come after the “GENIUS Act” (Guiding and Establishing National Innovation for US Stablecoins) came into force on July 18th, mandating a federal framework for the $314 billion stablecoin market. Furthermore, the OCC published Interpretation letter 1188, explicitly allowing national banks to trade crypto assets on a “risk-free capital basis.” According to Circle CEO Jeremy Allaire, the charter “deepens” the company’s ability to transact USDC directly through the Fed, bypassing commercial bank intermediaries.
Market Reaction and Institutional Shift
Despite the structural liquidity improvement, XRP showed no immediate volatility, with traders appearing to have priced in the approval following the passage of the GENIUS Act. This is a liquidity infrastructure event, not a retail boom. By securing national charters, Circle and Paxos effectively eliminate the “commercial bank counterparty risk” that triggered USDC devaluation during the SVB collapse. For desks, this means 24/7 billing via FedMaster accounts is imminent. Expect the spread between onshore regulated stablecoins and offshore equivalents (USDT) to widen as institutions migrate capital onto Fed-integrated rails.
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