Key Highlights
- Coinbase got approval from the U.S. government to run a National Trust Company under government oversight.
- It will not act as a bank. The approval is only for holding and protecting digital assets.
- Other crypto firms like Paxos, BitGo, Ripple, Circle, and Bridge have also sought or received similar federal charters.
Coinbase, a crypto exchange, today announced receiving conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a National Trust Company, allowing it to expand its custody services while complying with federal regulations.
“Conditional approval means that Coinbase is positioned to build the next chapter of finance with the regulatory confidence that our partners, customers, and the broader market need,” the firm said in a blog post.
Coinbase said it’s not becoming a bank
Coinbase said it is not looking to operate as a commercial bank. The firm said it will not take retail deposits or engage in fractional reserve banking, which is a banking practice in which banks lend out more money than they hold in reserves.
Instead, the charter provides federal oversight for Coinbase’s custody services, which involve holding and safeguarding digital assets on behalf of customers. Coinbase said the goal is to create consistent rules for its custody and market services across the country.
Coinbase also highlighted that the charter could help it offer new services, including payments-related products, while remaining within trust company regulations. The firm emphasized in a blog post that the approval reflects its approach of working within the U.S. regulatory system and investing in compliance.
The firm initially applied for the OCC charter in October 2025. At the time, it maintained its goal to function under a clear rule and believed the charter would find a ground between crypto and traditional finance.
Other crypto firms seeking federal approval
Coinbase joins a growing list of crypto and stablecoin firms seeking federal charters. Paxos, Mercury, Ripple, Circle, and Stripe’s Bridge have applied for OCC approval for national trust or banking charters.
The trend became a thing of interest after the GENIUS Act was passed into law last year. The law provided a framework for stablecoins, allowing certain companies to work under federal supervision instead of needing many state approvals.
Coinbase already holds a limited-purpose trust charter from the New York Department of Financial Services, granted in 2018, which allows it to custody digital assets for institutional clients. The new approval would extend oversight to the federal level and support more consistent regulatory standards.
Other companies, including Crypto.com, Kraken, and Circle, have also received federal approvals to access U.S. payment systems and national banking services.
Also Read: UBS Moves Closer to Crypto Services With New U.S. Charter
