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U.S. crypto banking charter rush reshapes global financial access

ByIbiam WayasIbiam Wayas
3 mins read 7 minutes ago
U.S. crypto banking charter rush reshapes global financial access
  • More than a dozen crypto and fintech firms have applied for or received conditional federal banking charters from the OCC since December 2025.
  • The charter wave gives these firms direct access to U.S. financial infrastructure under federal oversight.
  • Kraken’s Payward on Friday filed for a national trust company charter.
More cryptocurrency firms are moving closer to the heart of the U.S. banking system, with a growing number of applications for federal trust bank charters.
​
More than a dozen crypto and fintech companies have either applied for or secured conditional national trust bank charters from the U.S. Office of the Comptroller of the Currency (OCC), according to American Banker and FinTech Weekly.
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Coinbase, Ripple, Circle, and BitGo are the most notable, alongside Morgan Stanley and Fidelity Digital Assets.
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Just in the news on Friday, Kraken’s parent firm, Payward, has joined the list. The company announced it has filed for a national trust company charter with the Office of the Comptroller of the Currency, with plans to establish the Payward National Trust Company (PNTC).
​
PNTC will provide bank-level crypto custody and trust services for both institutional clients and individual customers, according to Payward’s statement.

More crypto firms are securing OCC charter approval

An OCC national trust bank charter gives a company custody and management of assets under a single federal regulator. Overseas institutions are more familiar with a federally supervised banking framework.
​
Under Trump’s administration, we are seeing the US banking regulator ease up on crypto companies.
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In just the past month, Coinbase received conditional approval for its own national trust company charter. The OCC also granted approvals to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Crypto.com last year.
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“New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,” OCC Comptroller Jonathan Gould said.
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He added in his announcement of the first round of conditional approvals. “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance.”
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On Dec. 12, 2025, the OCC granted approvals to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Crypto.com followed in February 2026, while Coinbase received conditional approval on April 2, 2026.
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Federally regulated crypto custodians could create a more direct bridge between traditional finance and blockchain-based markets.
​

The business case behind the charter race among crypto firms

For crypto firms, the move toward federal charters is not simply about reputation. It is also about cutting costs and gaining direct access to financial infrastructure.
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Over the years, crypto companies have had to rely on partner banks to access payment systems. But increased scrutiny of sponsor-bank relationships under Biden’s administration led several banks to scale back their exposure, in what many industry participants now call the “Operation Chokepoint.”
​
That left many crypto firms facing higher operational costs and fewer banking options.
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A federal charter reduces dependence on outside banking partners while giving firms direct regulatory standing under the OCC.

What key questions remain unresolved

Most of the crypto companies are still under conditional approval, meaning they are not fully operational banks. Anchorage Digital Bank is the only crypto-native company fully operational as a national trust bank.
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Other firms are still navigating capital requirements, compliance reviews, and regulatory examinations.
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Another major unresolved issue is access to the Federal Reserve’s payment infrastructure.
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A national trust bank charter provides only federal recognition and supervision. It does not automatically grant access to Fed payment rails, which remain essential for moving U.S. dollars through the financial system.
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Federal Reserve Governor Chris Waller has said he is exploring the possibility of a streamlined account structure for these institutions, though regulators have not yet announced a formal framework.
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Meanwhile, earlier in March, the Federal Reserve opened its payment rails to Kraken’s banking unit, making the crypto firm the first of its kind to score such access, Cryptopolitan reported.

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FAQs

What is an OCC national trust bank charter?

A national trust bank charter, issued by the Office of the Comptroller of the Currency, authorizes a company to hold, manage, and custody assets on behalf of clients under a single federal regulator across all 50 U.S. states. It does not permit consumer deposit-taking or lending as a primary function.

Which crypto companies have received conditional OCC charter approval?

As of May 2026, conditionally approved firms include Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos (December 2025), Bridge, and Crypto.com (February 2026), and Coinbase (April 2026), with applications pending from Kraken parent Payward, Morgan Stanley, and others, according to OCC filings and company statements.

Does a national trust bank charter give crypto firms access to Federal Reserve payment systems?

No. A national trust bank charter provides federal regulatory status but does not automatically grant access to Fed payment rails, which are the core infrastructure for moving U.S. dollars. Fed Governor Chris Waller has said he is exploring a streamlined account structure for such institutions, but no decision has been announced.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas

Ibiam Wayas

Ibiam Wayas is a crypto writer with experience since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Ibiam currently contributes and edits for Cryptopolitan.

TABLE OF CONTENT
1. More crypto firms are securing OCC charter approval
2. The business case behind the charter race among crypto firms
3. What key questions remain unresolved
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