OCC Conditionally Approves National Banking Charters for USDC Issuer Circle, Ripple and Others as Stablecoin Market Reaches $313 Billion

• Circle’s First National Digital Currency Bank and Ripple National Trust Bank lead the approvals for issuing USDC and RLUSD.

• BitGo, Fidelity Digital Assets, and Paxos Trust Company gain conversions from state to national charters for USDS and PYUSD.

• The stablecoin market has surged over $100 billion this year, driven by the GENIUS Act’s regulatory framework, per CoinGecko data.

Discover how Circle, Ripple, and other stablecoin issuers secure OCC approvals for national banking charters amid a $313 billion market boom. Stay informed on crypto regulations and explore investment opportunities today.

What are the latest stablecoin issuers approved for national banking charters?

Stablecoin issuers national banking charters represent a significant step toward mainstream integration in the U.S. financial system. The Office of the Comptroller of the Currency (OCC) has conditionally approved five key players: Circle’s First National Digital Currency Bank, Ripple National Trust Bank, BitGo, Fidelity Digital Assets, and Paxos Trust Company. These approvals allow them to operate under federal oversight, enhancing stability and consumer protection in the rapidly growing stablecoin sector.

How has the stablecoin market evolved with these OCC approvals?

The stablecoin market has seen explosive growth, ballooning to $313 billion in total value by 2025, according to data from crypto price aggregator CoinGecko. This represents an increase of more than $100 billion since the beginning of the year, largely attributable to the enactment of the GENIUS Act, which established a comprehensive regulatory framework for stablecoin issuers in the United States. The conditional approvals for national banking charters underscore the OCC’s commitment to fostering innovation while ensuring robust compliance standards.

Circle, known for its USDC stablecoin, and Ripple, issuer of RLUSD, are among the frontrunners in this development. BitGo and Paxos, which handle USDS and PYUSD respectively, are transitioning from state-level charters to national ones, providing them with broader operational capabilities. Fidelity Digital Assets, although yet to launch its own stablecoin, has been testing products in preparation for entry into this space. These moves come at a time when stablecoins are increasingly vital for cross-border payments, DeFi applications, and as a bridge between traditional finance and blockchain technology.

“New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,” stated Jonathan V. Gould, Comptroller of the Currency, in an official press release. “They provide access to new products, services, and sources of credit to consumers, and ensure a dynamic, competitive, and diverse banking system.” This perspective highlights the OCC’s view that regulated stablecoin issuers can drive economic benefits without compromising safety.

Historically, the OCC has been cautious yet progressive in its approach to cryptocurrency firms. The first crypto entity to receive a full national banking charter was Anchorage Digital Bank in 2021, setting a precedent for others. “We welcome the new conditional charters as a validation of our original vision: federal banking regulation strengthens the digital asset ecosystem,” Anchorage Digital Bank shared in a statement. “With a nearly five-year head start—and immense investment in compliance along the way—Anchorage Digital Bank has pioneered a path for others to follow.” This trailblazing role has paved the way for the current wave of approvals, demonstrating that compliance with federal standards can coexist with blockchain innovation.

Not all applications have sailed through smoothly, however. Pending reviews include those from Coinbase, Crypto.com’s Foris DAX National Trust Bank, Stripe’s Bridge affiliate, Brazil’s Nubank, and Sony’s Connectia. Additionally, Protego’s National Digital Trust Company, which received conditional approval in 2021, faces renewed scrutiny following a request from Senate Banking Committee Chair Sherrod Brown to reassess the decision. These cases illustrate the rigorous evaluation process, where factors like risk management, anti-money laundering protocols, and capital adequacy are meticulously examined.

The implications of these approvals extend beyond the issuers themselves. For consumers, they mean greater trust in stablecoins as reliable digital dollars, backed by the full faith of federally regulated banks. In the broader economy, stablecoins facilitate efficient remittances, reduce transaction costs, and support emerging technologies like tokenized assets. Experts in financial regulation, such as those cited in reports from the OCC, emphasize that this framework minimizes systemic risks while promoting competition. For instance, the ability to issue stablecoins under national charters could lower operational costs for firms, potentially leading to more competitive fees for users.

From a market perspective, the $313 billion valuation signals strong investor confidence. Stablecoins like USDC and USDT dominate, but newcomers like RLUSD and PYUSD are gaining traction due to their ties to established financial giants. Fidelity’s anticipated entry could further diversify options, appealing to institutional investors seeking regulated exposure to digital assets. As the sector matures, these developments align with global trends, where jurisdictions like the European Union are also tightening stablecoin regulations under the MiCA framework.

Frequently Asked Questions

What stablecoins are issued by the companies receiving OCC approvals?

The approved issuers are responsible for major stablecoins including USDC from Circle, RLUSD from Ripple, USDS from BitGo, and PYUSD from Paxos Trust Company. Fidelity Digital Assets has not launched one yet but is preparing a product, ensuring a range of dollar-pegged tokens under federal oversight for enhanced stability and transparency.

Why is the OCC granting national banking charters to stablecoin issuers now?

The OCC is approving these charters to integrate stablecoin issuers into the federal banking system, promoting safety, innovation, and competition. With the stablecoin market at $313 billion, this step follows the GENIUS Act’s framework, allowing firms to offer secure services while adhering to strict compliance and consumer protection standards that build trust in digital assets.

Key Takeaways

• Regulatory Milestone: The OCC’s conditional approvals for Circle, Ripple, BitGo, Fidelity, and Paxos mark a pivotal advancement for stablecoin issuers in gaining national banking status.
• Market Growth: Stablecoins have reached $313 billion in 2025, up over $100 billion year-to-date, fueled by clearer U.S. regulations like the GENIUS Act.
• Future Outlook: These charters enhance consumer access to innovative financial products; monitor pending applications from Coinbase and others for further sector expansion.

Conclusion

The conditional approvals for stablecoin issuers national banking charters from the OCC, including key players like Circle and Ripple, signal a maturing crypto landscape amid a booming $313 billion market. These developments, supported by the GENIUS Act’s framework, demonstrate how federal regulation can bolster the digital asset ecosystem. As more firms navigate this path, expect continued innovation in payments and finance—positioning stablecoins as a cornerstone of the future economy for investors and users alike.