Circle · U.S. · Coinbase · CryptoSlate
The OCC's published decisions separate final approvals from preliminary or conditional ones
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A conditional decision allows an applicant to organize the institution and satisfy capital, governance, compliance and operating requirements.
Key facts
- Its Morgan Stanley decision put assets under administration at uninsured national trust banks at $7.2 trillion as of March 31, including $1.7 trillion in custody and safekeeping accounts
- Comptroller Jonathan Gould said on Aug. 19 that 23 of the 40 de novo charter applications received over the preceding 18 months included digital-asset activity in their business plans
- The OCC granted final approval on July 10 for First National Digital Currency Bank, which will operate as Circle National Trust
- Its Aug. 14 decision is preliminary, so it still has to meet the OCC's conditions before opening
Summary
01 Circle won final OCC approval for a national trust bank focused on custody, reserves and settlement. 02 Crypto trust banks receive federal supervision without taking deposits, making loans or offering FDIC insurance. 03 The trade-off: token migration could weaken bank funding while crypto firms gain control over assets. Circle National Trust is part of a new federal cohort built around custody, fiduciary administration, stablecoin reserves, and settlement. Ripple, BitGo, Fidelity Digital Assets, Paxos, Bridge, Crypto.com, Coinbase, Morgan Stanley and World Liberty Financial have all received some form of Office of the Comptroller of the Currency approval since December.