Key Takeaways
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Ripple, Circle, and three other crypto firms have received conditional approval to operate as national trust banks in the U.S.
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The move marks a major regulatory milestone for crypto firms seeking deeper integration with the banking system.
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While the approval does not directly affect XRP, Ripple’s inclusion could strengthen its institutional footprint over time.
The U.S. banking system has quietly opened its doors to some of the crypto industry’s biggest players.
Recently, the Office of the Comptroller of the Currency (OCC) conditionally approved five crypto firms, including Ripple and Circle, to operate as national trust banks.
The decision marks one of the clearest signals yet that federal regulators are prepared to bring parts of the crypto sector inside the traditional financial framework.
Under the OCC’s announcement, five companies received conditional approval to either establish or convert into national trust banks.
Once the regulator’s requirements are fully met, they will join roughly 60 other national trust banks already overseen by the OCC.
The approved firms are:
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Ripple National Trust Bank, a newly approved charter tied to Ripple.
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First National Digital Currency Bank, associated with Circle, the issuer of USDC.
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BitGo, Fidelity Digital Assets, and Paxos, which are converting existing state trust charters into national ones.
National trust banks differ from traditional retail banks.
While the decision doesn’t turn these crypto companies into full-service banks, it does grant them a regulated foothold inside the U.S. banking system.
They are not allowed to take deposits or issue loans, but they can custody assets, process payments, and provide fiduciary services under federal supervision.
All five firms must still satisfy capital, governance, compliance, and risk-management conditions before becoming fully operational.
The approval builds on a precedent set in 2021, when Anchorage Digital became the first crypto-focused firm to receive a national trust charter.
Crypto companies largely welcomed the OCC’s move as a long-awaited step toward regulatory clarity.
Ripple CEO Brad Garlinghouse celebrated the approval as a “massive step forward,” particularly for Ripple’s dollar-backed stablecoin, RLUSD, which now sits under both federal oversight from the OCC and state supervision from the New York Department of Financial Services.
Traditional banking groups were less enthusiastic.
In a statement released Friday, the Bank Policy Institute warned that the decision raised unresolved questions about regulatory consistency and oversight.
