U.S. regulators approve new type of crypto trust banks without traditional banking services

Circle and other crypto firms gain federal trust bank approval

The U.S. Office of the Comptroller of the Currency (OCC) has approved a new type of financial institution for crypto companies. These institutions, called national trust banks, focus on holding and managing digital assets but do not offer traditional banking services like checking accounts, loans, or FDIC insurance.

Circle, the company behind the USDC stablecoin, received final approval on July 10, 2026, to operate Circle National Trust. This trust bank will initially provide custody services for Circle and its affiliates, with plans to expand to institutional custody and USDC reserve management.

Other major crypto firms, including Ripple, BitGo, Fidelity Digital Assets, Paxos, Coinbase, and World Liberty Financial, have also received conditional or preliminary approvals from the OCC since December 2025.

What these crypto trust banks can and cannot do

• These trust banks are supervised by the federal government but do not accept deposits or make loans.
• They focus on custody (safekeeping of assets), managing reserves for stablecoins, and settling transactions.
• They do not offer FDIC insurance, checking accounts, savings accounts, or mortgages.
• The OCC already supervised about 60 national trust banks before approving crypto-related applications.

Why crypto companies want this federal approval

The OCC's approval provides several benefits for crypto firms:

• A single federal supervisor instead of dealing with multiple state regulators.
• Institutional clients gain confidence from a familiar federal examination process.
• Stablecoin issuers can manage reserves and custody operations under one regulated entity.
• Reduces reliance on third-party banks for critical operations.

Status of major crypto trust bank applications

As of August 2026, the OCC has received 40 new bank charter applications in the past 18 months, with 23 including digital asset activities. Here's where major crypto firms stand:

• Circle National Trust: Final approval received July 10, 2026. Operating as a national trust bank.
• BitGo, Fidelity Digital Assets, Paxos: Conditional conversion approval received December 12, 2025. Working to meet requirements before opening.
• Ripple, Bridge, Foris DAX (Crypto.com), Coinbase, Morgan Stanley Digital Trust, World Liberty Trust Company: Preliminary conditional approval received between December 2025 and August 2026. Must meet OCC conditions before opening.
• Anchorage Digital Bank: Previously operating under a national trust bank agreement, terminated in February 2026.

What is confirmed about these crypto trust banks

• The OCC has approved or conditionally approved multiple crypto-related national trust banks.
• These institutions are legally considered banks but do not perform traditional banking functions.
• Circle National Trust received final approval and plans to begin operations with custody services.
• The OCC expects to issue its final GENIUS Act rule by November 2026.
• As of March 31, 2026, uninsured national trust banks held $7.2 trillion in assets under administration, including $1.7 trillion in custody accounts.

What remains unclear

• The exact timeline for when conditionally approved trust banks will open for business.
• How these new institutions will interact with existing financial regulations beyond OCC supervision.
• Whether more crypto companies will apply for similar charters in the future.
• The full impact on traditional banking and deposit funding models.

Why this matters for crypto and finance

This development creates a new way for crypto companies to operate under federal supervision while focusing on digital asset services. It provides:

• A regulated environment for custody and settlement of digital assets, which may increase institutional adoption.
• A clearer legal structure for stablecoin issuers to manage reserves and redemption operations.
• A potential shift in how digital assets are integrated into the traditional financial system.
• A model that separates asset custody from traditional banking functions like lending and deposit-taking.

However, these trust banks do not replace traditional banks or offer consumer banking services. They represent a specialized financial institution designed for the unique needs of digital assets.

Sources

• CryptoSlate