Circle, Ripple, Paxos, Fidelity and BitGo Get Banking Charters Approved by OCC

Five stablecoin issuers have been granted conditional approval for national banking charters by the Office of the Comptroller of the Currency, the agency said Friday.

The OCC conditionally approved applications for new national banking charters for USDC issuer Circle's First National Digital Currency Bank and Ripple National Trust Bank. The other three—BitGo, Fidelity Digital Assets, and Paxos Trust Company—already had state charters and were conditionally approved for conversions.

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” Jonathan V. Gould, Comptroller of the Currency, said in a press release. “They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system."

Stablecoins have ballooned to $313 billion in 2025, gaining more than $100 billion since the start of the year, according to crypto price aggregator CoinGecko. That's due in large part to the signing of the GENIUS Act, which created a regulatory framework for issuers in the U.S..