US Grants Crypto Companies 'Bank' Charters Without Deposit-Taking Powers

Washington has created a new class of 'crypto banks' that are not like traditional banks. These institutions, such as Circle National Trust and Bridge National Trust Bank, have received federal charters from the Office of the Comptroller of the Currency (OCC) to provide custody, fiduciary administration, stablecoin reserves, and settlement services.

The OCC has approved several companies, including Circle, BitGo, Fidelity Digital Assets, Paxos, Bridge, Crypto.com, Coinbase, Morgan Stanley, and World Liberty Financial, for a national trust bank charter. This type of charter provides no ordinary checking accounts, FDIC-insured savings accounts, or mortgages.

The OCC has been granting these charters since December 2025, and most of the approved companies are still completing conditions required before opening. The result is a narrow institution that supervises assets and transactions without relying on traditional banking methods.