Regulation · Permission · United States · Licence or charter · Office of the Comptroller of the Currency
OCC national trust bank charters for digital asset firms (December 2025 cohort)
On 12 December 2025 the OCC conditionally approved five national trust bank charters: two new banks (Circle's First National Digital Currency Bank and Ripple National Trust Bank) and conversions of BitGo, Fidelity Digital Assets and Paxos from state trust companies. Paxos says its conversion completed that day; Circle received final approval in July 2026, with custody first and USDC reserve management deferred. National trust banks cannot take deposits or make loans.
In force · effective 12 Dec 2025 · part of US federal banking agencies' framework for bank crypto-asset, stablecoin and tokenisation activities
Timeline
- 12 Dec 2025 · FinalOCC announces conditional approvals for five national trust bank applications.[1]
- 10 Jul 2026 · In forceCircle's First National Digital Currency Bank receives final OCC approval.[2]
Held by
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| PAX Gold (PAXG)Updated 28 Oct 2026 Paxos tokenisation platform | Live (scaled) | Reviewed 22d ago | ||
| PayPal USD (PYUSD)Updated 7 Nov 2026 Paxos tokenisation platform | Live (scaled) | Reviewed 13d ago |
Sources
- [1]OCC Announces Conditional Approvals for Five National Trust Bank Charter Applications — Office of the Comptroller of the Currency, 12 Dec 2025. Accessed 12 Oct 2026.A
- [2]Stablecoin firm Circle wins final OCC approval to open national trust bank — The Block, 10 Jul 2026. Accessed 12 Oct 2026.C
- [3]OCC charter and stablecoins — Paxos, 4 Aug 2026. Accessed 12 Oct 2026.B