Crypto, Fintech Firms Seek U.S. Bank Charters

The Office of the Comptroller of the Currency is increasingly treating federal charters as a route for technology firms to control core infrastructure, rather than merely satisfy compliance demands. Digital-asset applicants are pursuing national trust banks to bring custody, stablecoin reserve management, settlement and conversion under federal supervision. Fintech companies including Upstart and Itaú are making a broader bet on insured, full-service national banks, seeking direct access to deposits, lending and balance-sheet capacity that would otherwise depend on partner banks.

In the 90 days through Aug. 24, 2026, the OCC made nine significant charter determinations: six preliminary conditional approvals, one final approval and two denials. Four of the six conditional approvals involved digital-asset infrastructure, while 12 more digital-asset applications remained pending. Circle National Trust Bank received final approval on July 10 to conduct fiduciary custody for Circle and its affiliates, potentially serve institutional custody clients and manage USDC reserves. Conditional approvals do not permit operations; applicants must still meet OCC pre-opening requirements and, where applicable, secure Federal Reserve and FDIC approvals.