U.S. crypto banking charter rush is drawing digital asset firms deeper into the regulated financial system as more companies seek national trust bank status.
More than a dozen crypto and fintech firms have applied for or received conditional approval from the Office of the Comptroller of the Currency since December 2025.
The trend signals a wider push for federal oversight, direct market access, and stronger custody services.
Crypto Firms Move Toward Federal Oversight
Kraken’s parent company, Payward, became the latest major applicant after filing for a national trust company charter with the OCC.
The firm plans to launch Payward National Trust Company, which would provide crypto custody and trust services for institutions and individual clients.
Coinbase, Ripple, Circle, BitGo, Fidelity Digital Assets, Paxos, Morgan Stanley, and Crypto.com are also part of the broader charter race.
Coinbase received conditional approval on April 2, 2026, while Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos received OCC approvals on December 12, 2025.
Charter Race Reflects Cost and Access Pressures
A national trust bank charter allows firms to custody and manage assets under one federal regulator. This structure may also improve confidence among overseas institutions that prefer a federally supervised banking framework.
Crypto firms have long depended on partner banks to reach payment systems and serve customers.
However, closer scrutiny of sponsor-bank relationships under the previous administration pushed several banks to reduce crypto exposure. That shift raised costs and limited options for digital asset companies.
Federal charters can reduce reliance on third-party banking partners while giving firms clearer regulatory standing.
Supporters argue that new entrants can expand financial services and help the banking system adjust to blockchain-based markets.
Key Questions Remain For Crypto Banks
Most approved firms still operate under conditional status and are not fully active national trust banks. Anchorage Digital Bank remains the only crypto-native company already operating as a national trust bank.
Applicants still face capital requirements, compliance checks, and regulatory examinations before they can move beyond conditional approval. Another major issue is access to Federal Reserve payment rails, which remains separate from OCC approval.
A national trust bank charter provides federal recognition and supervision, but it does not automatically open access to the Fed’s payment systems.
Federal Reserve Governor Chris Waller has discussed a possible streamlined account structure for such firms, although no final framework has been announced.
Kraken’s banking unit gained access to Fed payment rails earlier in March, making it a notable case for the sector.
The wider charter push now shows how crypto firms are seeking a regulated bridge between digital assets, traditional finance, and U.S. dollar payments.
