Coinbase announced that it has received final approval from the Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company, bolstering its position as a leading crypto custodian in the United States.
Federal trust charter expands Coinbase’s custody business
The OCC granted final approval on Friday, allowing Coinbase to operate its institutional digital asset custody under federal regulation. This charter builds on Coinbase’s limited purpose trust charter, first obtained in 2018 from the New York Department of Financial Services, and will enable the company to expand its custody offerings for institutional clients.
Coinbase described custody as “foundational” to its business, emphasizing that the new charter brings clear and consistent federal oversight to its crypto custody business. The company reported that enhanced regulatory clarity could support further growth and client confidence in its custody operations.
Coinbase calls custody “foundational to [its] business,” adding that the federal charter will “bring clear and consistent federal uniformity” to its operations.
CEO Brian Armstrong also commented, highlighting the importance of reliable custody for wider onchain integration across the financial system. He described the launch of Coinbase National Trust Company as a significant step toward building a robust crypto infrastructure.
Trusted custody is essential for bringing more of the financial system onchain, Armstrong stated, referring to the new trust company as another building block for the crypto ecosystem.
Industry leaders obtain trust charters
Coinbase joins a growing group of major crypto firms to receive national trust charters this year. Circle, the blockchain-based payments and stablecoin specialist behind USDC, secured final OCC approval in July. In a similar move, Ripple, another prominent crypto payment company, obtained approval in October for its trust bank supporting the RLUSD stablecoin.
Other firms are awaiting similar approvals. Jack Dorsey’s fintech company Block applied for a trust charter to offer bitcoin custody in September, while Kraken’s parent company Payward and World Liberty Financial, a trust affiliate backed by the Trump family and supporting the USD1 stablecoin, have also submitted applications.
Mini dictionary: OCC (Office of the Comptroller of the Currency): A U.S. federal agency supervising national banks and federal savings associations, responsible for granting and regulating federal banking charters.
| Company | Trust Charter Status | Coin/Stablecoin |
|---|---|---|
| Coinbase | Approved, November 2026 | Multiple |
| Circle | Approved, July 2026 | USDC |
| Ripple | Approved, October 2026 | RLUSD |
| Block | Application pending | Bitcoin |
| Payward (Kraken) | Application pending | Multiple |
| World Liberty Financial | Conditional approval, August 2026 | USD1 |
Banking sector expresses legal opposition
Coinbase’s approval has intensified tensions with traditional banking groups. On Friday, the Independent Community Bankers of America filed a lawsuit in federal court against the OCC, contesting the agency’s authority to grant national trust charters to crypto firms. The group asserted that the OCC has exceeded the authority established by Congress.
Senator Elizabeth Warren has also downplayed the legitimacy of OCC crypto charter approvals, including Coinbase’s, stating they violate federal law. Banking advocates claim these charters offer crypto companies an unregulated entry point to the U.S. financial system, bypassing conventional safeguards.
Coinbase, however, reiterated that it has no plans to become a commercial bank, accept retail deposits, or engage in fractional reserve banking. The company indicates its focus will remain on regulated digital asset custody services for institutional clients nationwide.
