Ripple, Circle receive conditional national bank charter approvals from OCC

U.S. regulators just made a big move in the crypto world.

On Friday, the Office of the Comptroller of the Currency (OCC) gave conditional approval for national trust bank charters to five major digital asset companies. The list includes Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets.

This decision brings these crypto firms directly into the U.S. federal banking system. That means they can now connect straight to the Federal Reserve’s payment network, instead of relying on traditional banks in the middle.

The approvals were made possible by the new GENIUS Act, which became law in July. This law created a clear federal framework for stablecoins, a market now worth more than $300 billion.

Circle and Ripple will launch new national trust banks, while Paxos, BitGo, and Fidelity Digital Assets are converting their existing state licenses into national charters. This is the first time the U.S. has expanded federal crypto banking approvals since Anchorage Digital was approved back in 2021.

OCC head Jonathan Gould said that bringing new players into the federal banking system is good for consumers, banks, and the economy as a whole.

Alongside the approvals, the OCC also released a new rule that allows national banks to trade crypto assets on a “riskless principal” basis. In simple terms, banks can help clients trade crypto without taking price risk themselves.

The market didn’t react much to the news, which analysts say was expected after the GENIUS Act passed.

Circle CEO Jeremy Allaire said the charter is a big win for USDC. It allows Circle to settle transactions directly through the Federal Reserve, without using commercial banks as middlemen. This also reduces risks like the one that caused USDC to briefly lose its dollar peg during the Silicon Valley Bank collapse.

Industry experts say these new charters improve safety, allow 24/7 settlement, and remove major counterparty risks. They also believe this move could push institutions away from offshore stablecoins and toward U.S.-regulated, Fed-connected platforms.

In short, crypto firms are no longer standing outside the banking system. They’re being officially pulled inside — and that could change how digital money moves in the U.S. and beyond.