OCC Grants Conditional Approval to Ripple, BitGo, DigitalAssets, Paxos, and Circle for Trust Bank Licenses
According to the OCC, Ripple, Circle, and other digital asset firms have received conditional trust bank approvals, marking a major step toward bringing stablecoin issuers under U.S. regulatory oversight.
Summary
The U.S. Office of the Comptroller of the Currency (OCC) announced on December 12 conditional approvals for federal trust bank licenses to Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. Ripple applied as ‘Ripple National Trust Bank’ and Circle as ‘First National Digital Currency Bank,’ reflecting an effort to integrate stablecoin issuers into the regulated U.S. banking system. All firms must meet specific compliance standards before receiving full authorization.
Terms & Concepts
- Office of the Comptroller of the Currency (OCC): A U.S. federal agency overseeing national banks and federal savings associations.
- Conditional Approval: Regulatory acceptance subject to specific requirements being met before full authorization.
- Trust Bank: A bank authorized to provide fiduciary services, such as asset custody and trust management, under specific regulatory frameworks.