U.S. Targets Crypto Custody Firms with National Trust Charters

In a notable move within the cryptocurrency landscape, the United States has begun the process of designating specific firms to manage crypto custody on a national scale. This shift, led by the Office of the Comptroller of the Currency (OCC), is reshaping the framework through which digital assets will be overseen in the future.

On April 2, Coinbase achieved conditional approval for a national trust charter, joining a group of at least eight firms that have garnered similar endorsements from the OCC. This initiative started in December 2025, reflecting a strategic federal inclination to determine which aspects of the cryptocurrency sector should operate under a supervised environment.

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The implications of this regulatory development are significant. The U.S. is transitioning from merely regulating the crypto industry to deliberately selecting which components can operate within the confines of federal oversight. This decision influences which firms can expand their operations nationally, attract institutional investments, and which will remain outside this guiding framework.

Other entities receiving conditional approval since late 2025 include Circle, Ripple, BitGo, Fidelity, and Paxos, with Crypto.com and Bridge also being part of the recent charter approvals. This concerted effort — producing eight approvals in just four months — indicates a federal focus on custody, asset reserves, and settlement processes.

A national trust charter permits firms to function under a unified federal supervisor, eliminating the need for obtaining state-specific permissions across all 50 states. With this charter, these firms are empowered to manage client assets and facilitate transactions while adhering to a clear fiduciary responsibility.

Interestingly, Paxos articulated its intent to secure a national trust charter as a progression beyond its existing New York state trust structure, highlighting the importance of regulatory architecture in this evolving space.

The OCC’s recent approvals are concentrated in areas where the agency feels comfortable providing oversight, specifically in asset custody, reserve management, and settlement functions. The charters for firms like Crypto.com focus on client asset management and trade settlement, while Bridge’s approval encompasses stablecoin issuance.

Washington is effectively drawing boundaries around the functions it intends to supervise, which include essential services for tokenized finance. As the regulatory landscape evolves, firms that position themselves as custodians, reserve managers, and infrastructure providers for stablecoin operations find themselves at the forefront.

Regulatory signaling has also intensified in recent months. In March 2026, U.S. banking regulators clarified that tokenized securities would not incur additional capital requirements solely due to their digital status, indicating a neutral approach to technology. Moreover, intraday trading of tokenized shares has been permitted on platforms like Nasdaq and the NYSE.

The interplay of OCC’s charter initiatives and regulatory efforts surrounding tokenization underscores a cohesive strategy towards developing institutional-grade financial infrastructure.

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Traditionally, crypto promised to eliminate the necessity for regulated financial intermediaries. However, the ongoing wave of OCC charters reveals a re-emergence of regulated entities in the crypto ecosystem. The firms best equipped to thrive are evolving into a new kind of regulated intermediary.

Capitalizing on these trends, Mastercard recently announced its intention to acquire BVNK, a stablecoin infrastructure company, for an estimated $1.8 billion. Similarly, OpenFX reported a significant increase in annual transaction volumes, highlighting the growing demand for well-structured financial services.

As the global stablecoin market surpassed $310 billion in February 2026, it is clear that firms focusing on custody, settlement, and reserve management are making strategic moves to compete in this developing arena.

At present, Anchorage stands out as the only digital asset firm operating under a comprehensive national trust bank charter. The path to final approval for others involves demonstrating robust governance, capital sufficiency, and adherence to operational standards as assessed by the OCC.

The trajectory ahead can unfold in two primary ways. Optimistically, the OCC may finalize stablecoin regulations that facilitate institutional utilization, while tokenized securities transition from experimental phases to practical applications. Conversely, resistance from bank trade groups could hinder the charter approval process, leading to tighter conditions for firms seeking participation.

Ultimately, the U.S. government is distinctly categorizing crypto functions into those it is willing to supervise and those it is not ready to embrace. This delineation not only shapes the landscape for those companies poised to provide essential financial utilities but also sets the stage for the future of digital finance in a regulated environment.