Crypto.com joins the club with bank charter approval. Here are the other firms it joins

Crypto.com this week became the latest crypto company to receive conditional approval from the Office of the Comptroller of the Currency for a national trust banking charter.

The approval comes after the US’ largest banking lobby this month urged the OCC to slow its review of crypto companies’ charter applications.

“ABA encourages OCC to ensure that a national bank charter does not become a vehicle leveraged by entities to avoid, or attempting to avoid, registration with and scrutiny by the SEC, CFTC, or any other federal regulator,” the American Bankers Association said, adding that it wanted the body to “to increase transparency throughout the chartering process.”

It’s the latest sign that banks are increasingly concerned by crypto firms’ attempt to move in on their turf. Coinbase, for example, has not been shy about proclaiming itself as a future “everything app” for Americans’ financial lives.

The banking lobby and crypto executives have locked horns over a market structure bill that would give digital asset firms greater access to traditional markets.

Stablecoins and the rewards they pay customers are a particular sticking point: The banks have urged lawmakers to use the market structure bill as an opportunity to close a loophole in last year’s stablecoin-focused bill, the Genius Act.

Here are the other crypto companies that have received conditional approval from the OCC.

Crypto.com

Crypto.com announced Monday that it had received conditional approval after it applied back in October. The approval will allow the Singapore-based crypto exchange to manage and hold client assets and handle trade settlement within a federally regulated structure.

“This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight,” Crypto.com’s co-founder and CEO, Kris Marszalek, said in a statement.

We are proud to announce that https://t.co/vCNztATkNg has received conditional approval from @USOCC for its national trust bank charter.

Read more here: https://t.co/gcGdaUG0Li pic.twitter.com/eMq434fapX

— Crypto.com (@cryptocom) February 23, 2026

Crypto.com, unlike other applicants, doesn’t have a stablecoin — but it does have a native token: CRO.

Ripple

Ripple in December received conditional approval for the Ripple National Trust Bank, allowing it to manage and hold assets on behalf of customers but not take cash deposits or make loans.

The firm, whose founders created XRP, applied in July, shortly after the president signed the Genius Act to regulate stablecoins. The fintech company debuted its RLUSD stablecoin in 2024.

Circle

Stablecoin issuer Circle also received approval from the OCC in December. The publicly traded crypto heavyweight is best known for its USDC stablecoin — the fourth most-traded cryptocurrency in the space.

With a charter, the fintech won’t have to rely on a third party to look after the reserves that back its stablecoin and will be better able to serve institutional clients by offering custody and payments infrastructure.

Paxos

The OCC gave Paxos conditional approval in December. The company said approval would allow others to build digital asset products using Paxos’s infrastructure.

New York-based Paxos issues PayPal’s PYUSD stablecoin, and has provided blockchain solutions to the likes of Mastercard and Mercado Libre.

BitGo

The OCC gave crypto custodian BitGo conditional approval in December, giving it “bank-level oversight with the security, compliance, and scalability that define BitGo’s infrastructure.”

Last week, BitGo announced with New Frontier Labs that it would issue FYUSD, a stablecoin for institutions in Asia.

Fidelity Digital Assets

The digital assets subsidiary of Wall Street giant Fidelity received approval from the OCC in December.

Fidelity this month debuted its Ethereum-based stablecoin, FIDD, for retail and institutional investors. The firm said that its product would be particularly useful for those wanting to transact within the decentralised finance ecosystem.

Bridge

Stablecoin infrastructure firm Bridge, owned by Stripe, received the OCC’s conditional approval earlier this month.

The firm said in an announcement that the approval will allow crypto companies to build stablecoin products within a clear federal framework. Bridge does not have a proprietary stablecoin but allows other companies to issue the tokens.

Who could be next?

Two other major crypto firms are hoping to get approval: America’s biggest crypto exchange, Coinbase, and Trump-backed crypto company World Liberty Financial.

The banking lobby in December urged the OCC to reject Coinbase’s application for a national trust bank charter on the grounds that the exchange has “demonstrably flawed risk and control functions” and operates under governance that “prevents independent oversight.”

World Liberty Financial, which debuted its USD1 stablecoin in 2025, told DL News that it applied with the hope that both institutions and retail will use its token over others for everyday payments.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.