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.

Update, Nov 11, 08:33 UTC: According to CryptoSlate, a final conditional approval letter dated November 6 confirmed that Coinbase met its pre‑opening requirements and authorized the new entity to open on November 9, and it disclosed a September 1 agreement whereby Coinbase Custody Trust Company will gradually transfer accounts and assets to the national trust company under an OCC‑approved exemption.

Update, Nov 10, 23:06 UTC: Coinbase’s market capitalisation was reported at $36.03 billion and its shares were trading around $136.10, up roughly 1% on the day of the announcement, according to The Daily Hodl.

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.