The Office of the Comptroller of the Currency approved Coinbase’s application for a national trust bank charter on November 6, 2026, completing a process that began in October 2025. The approval, announced on November 9, allows Coinbase National Trust Company to provide fiduciary digital‑asset custody services to institutional clients under direct federal oversight, while the firm must transition its existing New York‑regulated custody operation to the new entity over the next three years.

Scope of the charter and operational restrictions

According to the OCC licensing records, the charter permits Coinbase to hold and transfer digital assets in custody accounts and to facilitate related transaction services, but it expressly bars the bank from accepting ordinary retail deposits, engaging in traditional lending, or issuing stablecoins. The regulator also requires the trust to maintain at least $60 million in Tier 1 capital and liquid assets sufficient to cover 180 days of operating expenses during its first three years. While affiliates may offer staking, prime trading and financing, the trust itself will act only as an intermediary and will not perform those underlying services.

Comparison with Ripple and other applicants

Coinbase joins Ripple, which received a similar national trust charter in October 2026 to support its RLUSD stablecoin reserve operations. Both firms now operate under OCC supervision, but Coinbase’s charter does not include stablecoin issuance, differentiating it from Ripple’s model. The OCC is also reviewing applications from Circle, BitGo, Fidelity Digital Assets and Paxos, indicating a broader regulatory push to bring crypto‑related custody and payment services into the federal banking framework.

The Independent Community Bankers of America filed a lawsuit in October 2026 challenging the OCC’s authority to grant trust charters that allow crypto firms to conduct non‑fiduciary activities without the safeguards required of traditional insured banks. ICBA President Rebeca Romero Rainey argued that digital assets held at such institutions lack important protections. Coinbase has emphasized that its charter focuses solely on custody and infrastructure, and it has no plans to engage in fractional‑reserve banking or direct stablecoin issuance.

What to watch next

Observers will monitor how quickly Coinbase migrates its New York‑regulated custody business to the national trust entity, whether the firm secures separate access to Federal Reserve payment systems, and how the ongoing litigation may influence future OCC charter decisions for other crypto firms.