Overview
- Circle and Ripple received de novo national trust charters, while BitGo, Paxos and Fidelity Digital Assets were approved to convert from state trust companies.
- National trust banks can provide custody, fiduciary and settlement services for digital assets, but they cannot take deposits or make loans and their accounts are not FDIC insured.
- The move follows the GENIUS Act and recent OCC interpretive guidance, positioning stablecoin and crypto‑custody activities under federal supervision.
- Comptroller Jonathan Gould said new federally supervised entrants benefit consumers and competition, as banking trade groups questioned whether requirements are appropriately tailored.
- Access to Federal Reserve payment infrastructure is not automatic, and any master account or settlement access would require separate review beyond these conditional charters.