The U.S. Office of the Comptroller of the Currency (OCC) has preliminarily approved five blockchain and crypto asset organizations to establish national trust banks, marking a major milestone in the integration of digital assets into the federal banking system.
The U.S. Office of the Comptroller of the Currency (OCC) has just announced its preliminary decision to approve five applications for national trust bank charters for organizations operating in the digital asset sector. This move is considered by experts to be a significant step in integrating blockchain technology into the traditional financial ecosystem of the United States.
Of the five approved organizations, Ripple and First National Digital Currency Bank will establish entirely new national trust banks, while the other three major players—BitGo, Paxos, and Fidelity Digital Assets—are permitted to convert existing state-licensed trust companies into national trust banks. These decisions will officially take effect once the parties meet all the conditions stipulated by the regulatory authority.
Strengthen supervision and expand the market.
After completing the procedures, these five institutions will join the group of approximately 60 national trust banks currently under the direct supervision of the OCC . Acting Monetary Supervisor Jonathan Gould emphasized that the entry of digital asset institutions into the system will contribute to strengthening the financial foundation, expanding consumer access to modern products, and fostering a healthy competitive environment.
Mr. Gould affirmed that the OCC intends to continue facilitating the participation of both traditional and innovative institutions in the federal banking system, ensuring it meets the needs of the modern economy. The agency has fully implemented standard due diligence processes for each application, including assessments of business models, legal compliance, and risk management.
The U.S. federal banking system currently comprises over 1,000 institutions with consolidated assets exceeding $17 trillion and over $85 trillion in assets under management. These institutions account for approximately 67% of total national banking activity, ranging from retail and corporate banking to specialized areas such as trust management and credit card issuance.
Earlier this month, the OCC allowed national banks to Vai as intermediaries in cryptocurrency transactions without holding the digital assets on their balance sheets, and also confirmed that trust banks have full authority to provide custody services for digital assets.
