Circle National Trust has secured final approval from the Office of the Comptroller of the Currency to operate as a US bank. This milestone follows a series of conditional approvals granted to other major industry players, including Ripple, BitGo, Fidelity, and Paxos in late 2025, as well as preliminary clearance for Coinbase earlier this year.
Under the terms of this charter, the entity is permitted to function within the US banking system but faces specific operational limitations. It is prohibited from accepting ordinary deposits or issuing loans, distinguishing its role from traditional retail banking institutions while integrating it into the federal regulatory framework.
Key facts
- Circle National Trust announced its final approval on July 10, 2026.
- The OCC conditionally approved Ripple, BitGo, Fidelity, and Paxos on December 12, 2025.
- Coinbase received preliminary conditional approval on April 2, 2026.
- The approved trust cannot take ordinary deposits or make loans.
- New OCC and FDIC rules took effect on June 9, 2026.
- The new rules prohibit adverse actions based solely on reputation risk for lawful activity.
Why it matters
This development highlights a shifting regulatory landscape where crypto-related entities are gaining formal access to the US banking charter system. The simultaneous implementation of rules preventing regulators from penalizing lawful activities based on reputation risk suggests a move toward more objective supervisory standards, potentially reducing arbitrary barriers for compliant firms operating in the digital asset space.