Circle, Ripple, Fidelity, Paxos, And BitGo Win OCC Approval For National Trust Bank Charters

Circle (CRCL), Ripple (XRP), Fidelity (FNF), Paxos, and crypto custodian BitGo received conditional approval from the Office of the Comptroller of the Currency (OCC) on Friday to operate as national trust banks.

This marks one of the most sweeping federal actions to date aimed at formalizing oversight of large digital asset firms. Circle’s First National Digital Currency Bank and Ripple National Trust Bank were granted de novo national trust bank charters. At the same time, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company received approval to convert their existing state-chartered trust companies into national trust banks.

CRCL’s stock dropped more than 7% in midday trade on Friday as the crypto market trended lower. On Stocktwits, retail sentiment around the USDC (USDC) stablecoin issuer trended in ‘bearish’ territory over the past day, amid ‘extremely low’ levels of chatter. Meanwhile, retail sentiment around USDC improved to ‘neutral’ from ‘bearish’ territory over the past day, but chatter remained at ‘low’ levels.

The OCC said that after completing the required conditions, all five institutions will join a roster of roughly 60 national trust banks already under its supervision. The agency described the moves as steps to clarify rules and expectations for firms operating between traditional banking and digital assets.

New Federal Charters For Circle And Ripple

Circle’s First National Digital Currency Bank and Ripple National Trust Bank were approved to form new national trust banks under direct OCC supervision. The move positions both firms to expand regulated services tied to digital asset custody, stablecoin infrastructure, and settlement operations once they meet the agency’s conditions.

The news failed to uplift XRP’s price, which edged 0.2% lower in the last 24 hours. On Stocktwits, retail sentiment around the altcoin specializing in cross-border payments remained in ‘bearish’ territory over the past day.

BitGo, Fidelity, And Paxos Move Toward Federal Conversion

BitGo, Fidelity Digital Assets, and Paxos were cleared to transition from state-regulated trust entities into national trust banks. The conversions would place them under a single federal framework, offering more consistent oversight as institutional demand for custody, tokenization tools, and digital-asset settlement continues to grow.

Retail sentiment on Stocktwits around Paxos' stablecoin, the Pax Dollar (USDP), remained in ‘neutral’ territory over the past day.

Read also: Tether Moves To Stop Shareholder Exodus As Company Aims for OpenAI, SpaceX-Level Valuation: Report

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