Ripple is among five digital asset companies that have received conditional approval from the US Office of the Comptroller of the Currency to enter the federal banking system. The regulator announced on Friday that it had conditionally approved national trust bank charter applications tied to several major crypto firms, signaling a continued opening of the US banking framework to digital asset services.
According to the OCC, BitGo, Fidelity Digital Assets and Paxos have been approved to convert their existing state level trust companies into federally chartered national trust banks. In the same notice, the regulator said it had also conditionally approved new charter applications from Circle and Ripple, allowing both companies to pursue national trust bank status.
Jonathan Gould, the Comptroller of the Currency, said new entrants into the federal banking sector are beneficial for consumers, the banking industry and the broader economy. He added that the OCC aims to support both traditional and innovative financial services so the banking system can keep pace with the evolution of finance.
The approvals are conditional, meaning the companies must still meet additional regulatory requirements before fully operating as national trust banks. However, the decision represents a meaningful step for crypto firms seeking deeper integration with the US financial system.
Ripple outlines custody focus as crypto firms expand banking access
Although each applicant submitted slightly different plans, the companies said the national trust bank charters would primarily be used to offer digital asset custody services. The structure allows firms to safeguard client assets under federal oversight rather than relying solely on state level licenses.
Ripple clarified in its application that its national trust bank charter would not be used to issue stablecoins. The company stated explicitly that it would not act as a stablecoin issuer for its US dollar pegged token, RLUSD, within the scope of the proposed charter. This contrasts with Paxos, whose approval would permit the issuance of stablecoins under its federally regulated platform.
Paxos said its charter would allow businesses to issue, custody, trade and settle digital assets with greater regulatory clarity. Fidelity Digital Assets and BitGo are also expected to expand institutional custody services if their conversions are finalized.
The OCC decision comes as several crypto companies continue to pursue bank like capabilities in the US. Cryptocurrency exchange Coinbase confirmed in October that it had filed an application with the OCC, though the company said it has no intention of becoming a bank. Instead, Coinbase has indicated its interest lies in broader regulatory engagement rather than full banking operations.
BitGo’s approval coincides with its preparations for a public listing. The digital asset custody firm filed for an initial public offering in September and is currently under review by the US Securities and Exchange Commission. BitGo reported roughly 90 billion dollars in assets under custody as part of its filing and plans to list on the New York Stock Exchange.
Other firms involved have taken different paths. Circle completed its IPO in May and is already trading on the New York Stock Exchange. Ripple president Monica Long said in November that the company does not plan to pursue a public listing. Paxos has not announced any intention to go public as of December.
For Ripple, the OCC approval strengthens its position as a regulated infrastructure provider within the US financial system. As crypto firms seek legitimacy through federal oversight, the move highlights how custody services are becoming a central bridge between traditional banking and digital assets.
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