Crypto banking charter surge transforms global financial access

The Rise of Crypto Firms in the U.S. Banking System

More cryptocurrency firms are making significant strides toward integrating into the core of the U.S. banking system. A growing number of applications for federal trust bank charters have been submitted, signaling a shift in the financial landscape. According to reports from American Banker and FinTech Weekly, over a dozen crypto and fintech companies have either applied for or received conditional national trust bank charters from the U.S. Office of the Comptroller of the Currency (OCC).

Among the most prominent names are Coinbase, Ripple, Circle, and BitGo, alongside traditional financial giants such as Morgan Stanley and Fidelity Digital Assets. This trend is further highlighted by Kraken’s parent firm, Payward, which recently joined the list by filing for a national trust company charter with the OCC. Payward plans to establish the Payward National Trust Company (PNTC), which will offer bank-level crypto custody and trust services for both institutional clients and individual customers.

Benefits of an OCC Charter

An OCC national trust bank charter provides a company with the ability to custody and manage assets under a single federal regulator. This framework is more familiar to overseas institutions and offers a level of regulatory clarity that many U.S. firms have lacked in the past. Under the Trump administration, there has been a noticeable easing of restrictions on crypto companies, allowing them greater flexibility within the financial system.

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. Additionally, Crypto.com secured approval last year, showcasing a broader trend of acceptance.

Jonathan Gould, the OCC Comptroller, emphasized the importance of new entrants in the federal banking sector, stating, “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.”

Key Dates and Approvals

On December 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. These developments highlight a growing willingness among regulators to embrace crypto firms within the traditional banking framework.

Federally regulated crypto custodians could serve as a bridge between traditional finance and blockchain-based markets, offering a more direct connection between these two sectors.

Business Case for Federal Charters

For crypto firms, the pursuit of federal charters is not solely about reputation. It is also a strategic move aimed at reducing costs and gaining direct access to financial infrastructure. Over the years, crypto companies have relied on partner banks to access payment systems. However, increased scrutiny of sponsor-bank relationships under the Biden administration led several banks to scale back their exposure, resulting in what many now refer to as “Operation Chokepoint.”

This situation left many crypto firms facing higher operational costs and fewer banking options. A federal charter helps reduce this dependence on external banking partners while granting firms direct regulatory standing under the OCC.

Unresolved Issues

Despite these advancements, several 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 that is fully operational as a national trust bank.

Other firms are still navigating capital requirements, compliance reviews, and regulatory examinations. Another major unresolved issue is access to the Federal Reserve’s payment infrastructure. While a national trust bank charter provides federal recognition and supervision, it does not automatically grant access to Fed payment rails, which are essential for moving U.S. dollars through the financial system.

Federal Reserve Governor Chris Waller has indicated that he is exploring the possibility of a streamlined account structure for these institutions, though no formal framework has been announced yet. 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 gain such access.