Which banks gained crypto trust charters?

TLDR

Five firms just received conditional national trust bank charters from the U.S. OCC: Ripple National Trust Bank, First National Digital Currency Bank (Circle), BitGo Bank and Trust, Fidelity Digital Assets, and Paxos Trust Company, per a policy update.

1. These are conditional approvals that do not allow taking deposits or lending, but enable custody and fiduciary services under OCC oversight, per a market brief.
2. The OCC said entrants have up to 18 months to meet capital, governance, and compliance conditions before a final exam, as noted in a report.
3. Anchorage Digital remains the only crypto-focused firm with a finalized national trust bank charter at present, per a news update.

Deep Dive

1. Who Got Charters

Ripple National Trust Bank, First National Digital Currency Bank (Circle), BitGo Bank and Trust, Fidelity Digital Assets, and Paxos Trust Company received conditional national trust bank approvals from the OCC. Circle and Ripple were greenlit as new trusts, while BitGo, Fidelity, and Paxos were cleared to convert from state trusts, according to a policy update. Anchorage Digital is currently the only crypto-focused entity with a fully finalized national trust bank charter, per a news update.

2. What These Charters Allow

National trust banks can custody assets, process payments, and provide fiduciary services under federal supervision, but they cannot accept deposits or make loans and do not have FDIC-insured accounts, per a market brief. This framework aims to replace patchwork state licensing with uniform national oversight for core custodial and settlement functions, as highlighted in a policy update.

3. Timeline And Conditions

The OCCs conditional approvals trigger an up to 18?month runway to raise capital, staff up, and build compliant systems before a final exam, as noted in a report. Traditional bank groups have voiced concern about regulatory consistency and consumer protection for non?deposit?taking institutions, per a separate coverage.

Conclusion

A cohort of major crypto firms has moved closer to federal trust banking status, centered on custody and fiduciary services rather than deposit?taking. If they meet OCC conditions within the set runway, the result could be more uniform, nationally supervised crypto custody and settlement, albeit with continued debate over oversight and guardrails.