Payments giant Stripe’s stablecoin subsidiary, Bridge, has officially submitted an application to the Office of the Comptroller of the Currency (OCC) to organize a national trust bank. The application is a critical regulatory step to provide a secure and compliant U.S. foundation for Bridge’s expanded stablecoin business, particularly its new “Stablecoin-as-a-Service” platform, Open Issuance.
According to the company, this service enables businesses to mint and burn tokens freely and define the composition of their reserves.
Zach Abrams, co-founder and CEO of Bridge, said in a post on X, “We’ve long believed stablecoins will be a core, regulated financial building block. This regulatory infrastructure will enable us to tokenize trillions of dollars and make this future possible.” He added, “Through this bank, we’ll provide: custody, stablecoin issuance, management of stablecoin reserves, and more.”
The application for a national trust charter with the Office of the Comptroller of the Currency (OCC) and a trust license with the New York State Department of Financial Services (NYDFS) shows Stripe’s effort at operating within a regulated framework. A trust charter would permit Bridge to custody client assets and fulfill the oversight requirements necessary for a major stablecoin issuer, aligning with new legislation like the GENIUS Act.
Stripe acquired Bridge in 2024 for a reported $1.1 billion. The company has already rolled out stablecoin financial accounts in over 100 countries and, through Bridge, launched a partnership with Visa to allow stablecoin balances to be spent seamlessly using a card network.
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