OCC Grants 5 Stablecoin Issuers Conditional National Bank Charters

The Office of the Comptroller of the Currency’s conditional approval represents one of the most significant regulatory advancements for the cryptocurrency sector in the United States. The agency conditionally approved applications for new national banking charters for Circle, the issuer of the USDC stablecoin, for its proposed First National Digital Currency Bank, and for Ripple National Trust Bank. For the other three entities—BitGo, Fidelity Digital Assets, and Paxos Trust Company—the OCC granted conditional approval to convert their existing state charters to federal ones.

This bifurcated approach acknowledges the different starting points of these financial technology firms. Circle and Ripple are seeking to establish new federally chartered institutions, while BitGo, Fidelity, and Paxos are elevating their existing regulated operations to the national level. The OCC’s action provides a structured pathway for both new entrants and established players to operate within the federal banking system, offering them the potential for uniform regulatory oversight and operational legitimacy across all 50 states.

In the official press release, Comptroller of the Currency Jonathan V. Gould framed the decision as a net positive for the broader financial ecosystem. “New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” Gould stated. He emphasized that these institutions “provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system.” This sentiment underscores a regulatory philosophy that views controlled innovation as a catalyst for healthy competition rather than a systemic threat.

The timing of this regulatory green light is not coincidental. It follows a period of explosive growth for the stablecoin asset class. According to data from crypto price aggregator CoinGecko, the total market capitalization for stablecoins has ballooned to $313 billion in 2025, representing a gain of more than $100 billion since the start of the year. This staggering growth is attributed in large part to the signing of the GENIUS Act, which established a comprehensive regulatory framework for stablecoin issuers in the U.S. The OCC’s charter approvals are a direct operational consequence of that legislative clarity, moving the industry from theoretical framework to practical banking integration.

The conditional nature of the approvals indicates that significant work remains before these charters become fully operational. Each firm must now satisfy a series of OCC stipulations, which typically involve demonstrating robust capital adequacy, risk management protocols, consumer protection measures, and compliance systems. The conversion for BitGo, Fidelity Digital Assets, and Paxos will involve aligning their existing state-level operations with stricter federal standards, while Circle and Ripple must build their banking infrastructures from the ground up to meet OCC expectations.

For the stablecoin market, this development promises greater stability and trust. Federally chartered banks issuing stablecoins like USDC will be subject to the same rigorous examination and supervision as traditional national banks. This could dramatically reduce counterparty risk—a perennial concern for holders of digital assets—and potentially open the door for broader institutional adoption. The move effectively bridges the worlds of traditional finance (TradFi) and cryptocurrency, providing a regulated on-ramp for billions in capital seeking exposure to digital dollar equivalents. As this story develops, the focus will shift to how these five pioneers navigate the final steps toward full authorization and what new financial products their novel status will enable.