Circle, Ripple, three other digital asset firms get national bank charters

The Office of the Comptroller of the Currency gave conditional approval for five national trust bank charter applications, including for Circle Internet Group's (CRCL) First National Digital Currency Bank and Ripple National Trust Bank, the agency said Friday.

First National Digital Currency Bank and Ripple National Trust Bank are brand new, or de novo, banks. Also the OCC approved applications to convert a state trust company to a national trust bank for BitGo Bank & Trust, National Association (BTGO); Fidelity Digital Assets, National Association; and Paxos Trust Company, National Association.

The OCC said it applied the same rigorous review and standards it applies to all charter applications in granting the conditional approvals.

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

Circle Internet (CRCL) said the conditional approval "represents an important milestone in Circle’s efforts to further strengthen the infrastructure supporting USDC (USDC-USD) – the world’s largest regulated stablecoin – and meet requirements under the GENIUS Act, which became U.S. law in July 2025."

"As a public company, we’re focused on operating under rigorous regulatory oversight and building the infrastructure that allows digital dollars like USDC to become a core part of global finance," said Circle Co-Founder, Chairman, and CEO Jeremy Allaire.

Circle Internet (CRCL) stock slid 7.3% in midday trading. Note that crypto prices were weaker in Friday trading. Bitcoin (BTC-USD) fell 2.8% to $89.9K and ethereum (ETH-USD) sank 5.3% to $3.07K.