CoinDesk
Coinbase has received a full national trust bank charter from the U.S. Office of the Comptroller of the Currency, upgrading Coinbase National Trust from the conditional approval it won in April. The charter authorizes federally regulated custodial and payments services, though the unit still does not take deposits or extend loans like a full-service bank.
After the provisional approval, Coinbase spent several months building out compliance systems, hiring personnel and undergoing regulatory scrutiny before the agency signed off. Vice Chairman Ryan VanGrack said the approval "puts more of our business behind that commitment" to clear rules and rigorous oversight, calling it "another major step in integrating digital assets into the core infrastructure of the American financial system."
Why it matters
The charter is the payoff of a structural shift in how Washington treats crypto firms. The GENIUS Act created a federal path for qualified trusts to issue compliant stablecoins, and the OCC has since embraced the category, granting Ripple a full trust charter last month and conditional status to several other firms, including President Trump's World Liberty Financial. Coinbase joins Ripple as one of the few crypto-native firms with full national trust bank status.
Market impact
For Coinbase, federally chartered trust status strengthens its custody and stablecoin payments business, the segment most directly exposed to GENIUS Act economics. The trend is not uncontested: the Independent Community Bankers of America has sued the OCC, arguing it overstepped its authority in granting trust charters to crypto firms. A ruling in that case could shape how far the federal trust lane extends.
Frequently asked questions
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What does Coinbase's full OCC trust charter allow?
It authorizes Coinbase National Trust to operate as a fully chartered national trust bank offering federally regulated custodial and payments services. It does not make Coinbase a full-service bank that takes deposits or extends loans.
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How is the full charter different from the conditional approval?
Coinbase National Trust received conditional approval in April. After months of building compliance systems, hiring personnel and regulatory scrutiny, the OCC elevated the status to a full-fledged charter.
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What is the GENIUS Act and why does it matter here?
The Guiding and Establishing National Innovation for U.S. Stablecoins Act created a federal path for qualified trusts to issue compliant stablecoins, accelerating the wave of crypto firms seeking OCC trust-bank status.
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Which other crypto firms have won OCC trust charters?
Ripple received a full trust charter from the OCC last month. Many other firms hold conditional trust charters, including World Liberty Financial.
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Why is the OCC being sued over crypto trust charters?
The Independent Community Bankers of America has sued the OCC, claiming it overstepped its authority by granting trust charters to crypto firms. An adverse ruling could constrain the federal trust lane for the industry.
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