Crypto companies including Circle and Ripple have received conditional approval from the US Office of the Comptroller of the Currency to establish national trust banks, a step that could bring digital asset services closer to the regulated banking system.

The OCC granted preliminary charters to Circle and Ripple to form First National Digital Currency Bank and Ripple National Trust Bank, respectively, and conditionally approved BitGo, Paxos and Fidelity Digital Assets to convert their state trust charters into national ones.

The agency said applicants have to meet capital and liquidity requirements, confine activities to trust banking, and comply with the GENIUS Act’s stablecoin framework, as well as prospective market structure legislation.

A national trust bank charter permits companies to safeguard customer assets and act on their behalf in payments and settlements, but it does not allow deposit taking or lending, and accounts are typically not backed by Federal Deposit Insurance Corporation insurance. The OCC supervises 60 national trust banks, with Anchorage Digital the only digital asset firm currently holding such a charter.

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said Jonathan Gould, comptroller of the currency. “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy,” he added.

The approvals drew pushback from banking trade groups. The Bank Policy Institute said the decision “leaves substantial unanswered questions,” including whether the OCC’s requirements are “appropriately tailored to the activities and risks in which the trust will engage.”

Anchorage Digital welcomed the move. “This is long overdue,” said Nathan McCauley, the company’s principal and co‑founder. “We welcome the new conditional charters as a validation of our original vision: federal banking regulation strengthens the digital asset ecosystem,” he said, adding that Anchorage has a “five‑year head start” over the newly approved firms.

Applicants must still pass a final examination before opening. The OCC retains the right to change or suspend preliminary approvals, and set minimum capital and liquidity thresholds as part of final conditions. Circle and Ripple say national trust charters could reduce reliance on intermediaries and bolster confidence for services such as asset custody and stablecoin issuance.

The development comes as the administration of President Donald Trump has sought to overhaul US cryptocurrency policy and establish a federal framework for dollar‑pegged stablecoins.

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