Crypto.com Wins Conditional OCC Approval for U.S. National Trust Bank

As crypto finance converges with the mainstream financial system, regulatory compliance among stablecoin issuers has become a key market focus. Circle, the fintech company behind USDC, the world’s second-largest stablecoin, has long sought to bring its more than $70 billion in digital-asset reserves under federal oversight. A national trust bank charter would integrate blockchain-asset custody directly into the core U.S. financial system and place USDC reserves within a federal regulatory framework. The move is seen as a major milestone in cryptocurrency’s path toward the mainstream.

The Office of the Comptroller of the Currency gave Circle final approval on July 10, 2026, to establish a U.S. national trust bank called “Circle Trust.” The application was filed in June 2025 and received conditional approval that December. The new bank will operate under the legal name “First National Digital Currency Bank.” It will initially provide digital-asset custody services to Circle and its affiliates, with plans to expand the offering to financial institutions.

Coinbase currently provides institutional custody through Coinbase Custody Trust Company, which is authorized by the New York State Department of Financial Services. Assets under custody totaled $245.7 billion as of June 30, 2025. A national trust charter would bring the business under unified supervision by the U.S. Office of the Comptroller of the Currency, or OCC, reducing differences among state regulatory regimes. It would also help Coinbase diversify beyond trading-fee revenue through services including custody and payments.

The OCC granted preliminary conditional approval to Coinbase National Trust Company on April 2, 2026. Coinbase will transfer its existing custody business within three years and will neither accept retail deposits nor engage in fractional-reserve lending. It must raise capital within 12 months, begin operations within 18 months and pass a compliance review. The Independent Community Bankers of America objected the following day. On April 27, Coinbase partnered with Nium to expand cross-border USDC payouts.

EDX Markets, backed by institutions including Citadel Securities, Fidelity Digital Assets and Charles Schwab, has specialized in institutional digital-asset trading since 2023. The company says separating trade matching, custody and settlement reduces conflicts of interest associated with vertical integration. An OCC charter would allow it to serve large banks under a single federal regulatory framework.

EDX Markets Holding Company filed its application on March 25, 2026, and the Office of the Comptroller of the Currency received it the following day. The company, which announced the filing on April 2, plans to establish EDX Trust, N.A. If approved, the new bank would provide digital-asset custody, administration, settlement and risk management services. Public application documents did not disclose its proposed capitalization.