Ripple, Circle receive conditional national bank charter approvals from OCC
The Office of the Comptroller of the Currency (OCC) granted conditional approval for national trust bank charters to five digital asset firms on Friday, including Ripple, Circle, and Fidelity Digital Assets, according to an official release.
- The OCC granted conditional national trust bank charters to five major digital-asset firms—including Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets—integrating them directly into the federal banking system and Fed payment rails.
- The approvals, enabled by the new GENIUS Act and paired with Interpretive Letter 1188, give these firms expanded authority to settle stablecoins like USDC through the Federal Reserve and conduct riskless-principal crypto transactions.
- Analysts say the move reduces counterparty risk, enhances 24/7 settlement, and may widen the gap between regulated U.S. stablecoins and offshore alternatives as institutions migrate to Fed-connected platforms.
The approvals integrate the entities into the federal banking system, providing them direct access to the Federal Reserve’s payment infrastructure and superseding state-level regulatory oversight.
“New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,” Comptroller Jonathan Gould stated in the release.
The approved list includes new charters for Circle’s First National Digital Currency Bank and Ripple National Trust Bank. Conversions from state to national charters were granted to Paxos Trust Co., BitGo Bank & Trust, and Fidelity Digital Assets. The approvals represent the first expansion of federal crypto banking charters since Anchorage Digital received approval in 2021.
The move follows the July 18 enactment of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which established a federal framework for the $314 billion stablecoin market, according to market data.
The OCC also released Interpretive Letter 1188 on Dec. 9, permitting national banks to trade crypto assets on a “riskless principal” basis. The letter confirms that national banks may engage in riskless principal crypto-asset transactions as part of banking operations.
Markets showed no immediate volatility following the announcement. Market analysts suggested traders appeared to have anticipated the approval following the GENIUS Act’s passage.
Circle CEO Jeremy Allaire stated the charter enhances the firm’s ability to settle USDC directly through the Federal Reserve system, eliminating the need for commercial bank intermediaries.
Industry observers noted the national charters remove commercial bank counterparty risk that contributed to the USDC depeg during the Silicon Valley Bank collapse. The charters enable 24/7 settlement finality through FedMaster accounts, according to banking infrastructure specialists.
Financial analysts indicated the development may widen the spread between onshore regulated stablecoins and offshore equivalents as institutions shift capital to Federal Reserve-integrated payment systems.
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