Coinbase Wins Initial OCC Approval for Trust Charter, Bolstering Crypto Custody Push

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.