Coinbase Secures Full Federal Trust Charter from OCC

Coinbase has obtained a full national trust bank charter from the Office of the Comptroller of the Currency (OCC), moving beyond the conditional approval it received in April. The crypto exchange announced on Monday that its institutional custody operations will now operate under direct federal oversight.

According to a blog post by the company, the OCC signed off on the application for Coinbase National Trust Company last Friday. OCC licensing records indicate the chartering process concluded on Nov. 6.

The exchange first filed its application in October 2025 and received tentative approval on April 2. In the months that followed, it needed to complete organizational and operational groundwork before the OCC allowed the trust bank to begin operations.

“This charter allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities,” Coinbase stated, noting that it enhances the regulatory framework for serving clients. The company highlighted that it has acted as a custodian for over 14 years.

What the charter allows

A national trust bank can manage client assets in a fiduciary capacity, and Coinbase is concentrating on custody for institutional clients. It does not operate as a commercial bank, cannot accept standard retail deposits or issue loans, and the charter does not permit it to create stablecoins.

Staking, prime trading, and financing will continue via Coinbase affiliates rather than the trust itself. As per the OCC's April ruling, the trust bank serves as an intermediary for these services without directly handling them.

The decision also imposes requirements. The trust bank must maintain at least $60 million in Tier 1 capital and sufficient liquid assets to cover 180 days of operating expenses during its first three years.

The license does not automatically grant Coinbase access to Federal Reserve payment systems. That necessitates a separate application under the Fed's account access rules.

Coinbase currently handles custody through Coinbase Custody Trust Company, a limited-purpose trust overseen by the New York State Department of Financial Services. The firm intends to shift that business to the national entity over a three-year period.

A crowded charter queue

Coinbase joins a list of crypto firms that have secured a federal trust charter. Ripple received final approval on Oct. 26, and Circle obtained final OCC clearance in July, a move that placed USDC reserves on a trajectory toward federal supervision.

The OCC has been actively engaging the sector. In August, Comptroller Jonathan V. Gould declared that “America and the OCC are once again open for business,” as the regulator promoted its charter initiative. By that time, Ripple, Circle, Crypto.com, and Paxos had all secured conditional approval. Block applied for its own banking charter in September.

The approval faced opposition. In December, the Independent Community Bankers of America urged the OCC to deny Coinbase's application, claiming the exchange has “demonstrably flawed risk and control functions.” In February, the American Bankers Association asked the regulator to slow down its review of crypto charter requests.

Behind those objections lies a dispute over stablecoins. Coinbase wants to reward customers for holding the tokens, while banks argue this could undermine their deposit base.

Coinbase (COIN) did not reveal any financial effect from the charter in its announcement, which presented the approval as a regulatory achievement.

The timing is noteworthy. The approval comes days after Democrats secured both chambers of Congress, and a charter issued by an executive-branch regulator sits outside any legislative battle, at least for now. Vice Chairman Ryan VanGrack stated that the company has spent years “asking for clear rules and rigorous oversight.” The company also described the approval as “another major step” in integrating digital assets into the American financial system.

The next challenge is whether Coinbase will transfer its existing custody clients on schedule, and whether the community bankers who opposed the charter will take their objections to court or to Congress.