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The GENIUS Act takes effect on 18 January 2027 · rulemaking · OCC charters

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Analysis

The OCC Has Approved 17 Crypto Bank Charters Since December. 8 Plan Stablecoins

Circle, Ripple, Paxos, BitGo, Fidelity, Bridge, Crypto.com, Coinbase and others: what each decision says the bank will do, and what it will not.

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The short version: between 12 Dec 2025 and 18 Sep 2026, the OCC has conditionally approved 17 national bank charters involving digital assets. 4 are conversions of existing state trust companies; the rest are new charters. 8 decisions describe stablecoin issuance among the bank's proposed activities. All are conditional: the OCC said the first five banks would operate only “subject to meeting the OCC's conditions” (OCC, 12 December 2025).

OCC charter approvals involving digital assetsDec 25: Plans to issue 3, Will not issue 2, Not in proposal 0; Jan 26: Plans to issue 0, Will not issue 0, Not in proposal 1; Feb: Plans to issue 1, Will not issue 0, Not in proposal 2; Mar: Plans to issue 0, Will not issue 0, Not in proposal 0; Apr: Plans to issue 0, Will not issue 0, Not in proposal 1; May: Plans to issue 0, Will not issue 0, Not in proposal 1; Jun: Plans to issue 0, Will not issue 0, Not in proposal 1; Jul: Plans to issue 1, Will not issue 0, Not in proposal 0; Aug: Plans to issue 1, Will not issue 0, Not in proposal 0; Sep: Plans to issue 2, Will not issue 0, Not in proposal 1OCC charter approvals involving digital assetsConditional approvals per month, by stablecoin issuance in the proposalPlans to issueWill not issueNot in proposal01.534.56325Dec 2511Jan 26123Feb0Mar11Apr11May11Jun11Jul11Aug213SepSource: OCC decisions. VASP Tracker
17 decisions, 12 Dec 2025 to 18 Sep 2026. Source: OCC interpretations and decisions. Download: SVG · PNG · CC BY 4.0

The Decisions

Brand / bankDecisionTypeStablecoin issuanceSource
BitGoBitGo Bank & Trust, N.A.12 Dec 2025conversionPlans to issue stablecoinsConditional Approval 1353
CircleFirst National Digital Currency Bank, N.A.12 Dec 2025de novoWill not issue stablecoinsConditional Approval 1356
Fidelity Digital AssetsFidelity Digital Assets, National Association12 Dec 2025conversionPlans to issue stablecoinsConditional Approval 1355
PaxosPaxos Trust Company, National Association12 Dec 2025conversionPlans to issue stablecoinsConditional Approval 1358
RippleRipple National Trust Bank12 Dec 2025de novoWill not issue stablecoinsConditional Approval 1359
NubankNubank, National Association29 Jan 2026de novo (national bank)Issuance not in proposalConditional Approval 1362
Bridge (Stripe)Bridge National Trust Bank12 Feb 2026de novoPlans to issue stablecoinsCorporate Decision 1365
ProtegoNational Digital Trust Company13 Feb 2026de novoIssuance not in proposalCorporate Decision 1366
Crypto.comForis DAX National Trust Bank20 Feb 2026de novoIssuance not in proposalCorporate Decision 1367
CoinbaseCoinbase National Trust Company2 Apr 2026de novoIssuance not in proposalCorporate Decision 1370
Laser Digital (Nomura)Laser Digital National Trust Bank29 May 2026de novoIssuance not in proposalCorporate Decision 1377
Morgan StanleyMorgan Stanley Digital Trust, National Association18 Jun 2026de novoIssuance not in proposalCorporate Decision 1378
Connectia (Sony Bank)Connectia Trust, National Association2 Jul 2026de novoPlans to issue stablecoinsCorporate Decision 1380
World LibertyWorld Liberty Trust Company, National Association14 Aug 2026de novoPlans to issue stablecoinsCorporate Decision 1385
AgoraAgora National Trust Bank18 Sep 2026de novoPlans to issue stablecoinsCorporate Decision 1393
BastionBastion Platforms Trust Company (national trust bank)18 Sep 2026conversionPlans to issue stablecoinsCorporate Decision 1391
Catena LabsCatena Trust Bank, N.A.18 Sep 2026de novoIssuance not in proposalCorporate Decision 1392

Source: OCC. Quotes from each decision are on the firm pages.

What the Decisions Say About Stablecoins

  • Issuance described: Paxos (“U.S. dollar-backed stablecoin issuance”), BitGo, Fidelity Digital Assets, Bridge (Stripe) (“primary issuer of xUSD”), Connectia (Sony Bank), World Liberty, Bastion and Agora.
  • No issuance: Circle's First National Digital Currency Bank (“the Bank will not issue stablecoins”) and Ripple National Trust Bank (“does not currently plan to issue stablecoins”). Both are described as collateral trustee and custody banks.
  • Where issuance is proposed, the decisions make it conditional on the Act: for BitGo, the bank “must conform, cease, or divest its proposed stablecoin issuance and redemption activities” to comply with the GENIUS Act and its regulations (Conditional Approval 1353).

The One Already Operating

Anchorage Digital Bank National Association was already supervised by the OCC: its operating agreement with the OCC dates from 22 January 2021. On 9 February 2026 the OCC authorised the termination of its January 2021 operating agreement, finding that the bank had complied with each of its ten actionable articles (OCC Supervisory Condition Letter 2026-01).

How to Read This List

  • It covers decisions in the OCC's public index whose text describes digital-asset activities of the bank itself. Charters for general-purpose banks and trust companies without such activities are left out.
  • A conditional approval is not a licence to operate. We record final approvals only when the OCC publishes them.

Sources

  1. OCC interpretations and decisions www.occ.gov
  2. OCC News Release 2025-125 www.occ.gov

Cite This Page

VASP Tracker, “The OCC has approved 17 crypto bank charters since December. 8 plan stablecoins”, https://vasptracker.com/en/us/analysis/occ-crypto-national-trust-charters/ (accessed 21 Oct 2026). CC BY 4.0.

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