Coinbase Receives Final OCC Approval for National Trust Bank Charter
Coinbase received final approval from the Office of the Comptroller of the Currency for Coinbase National Trust Company, allowing its institutional custody business to operate under federal supervision. The charter carries restrictions, including no retail deposits, no stablecoin issuance, and no automatic access to Federal Reserve payment systems.
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What Was Approved
Coinbase has received final approval from the Office of the Comptroller of the Currency to charter Coinbase National Trust Company, according to the company's announcement on Nov. 9. The OCC's licensing records show the chartering process was completed on Nov. 6, 2026, following preliminary approval on April 2. Coinbase first applied in October 2025.
The charter allows the trust company to provide fiduciary digital asset custody, primarily to institutional clients, and to hold and transfer assets in custody accounts. Coinbase says the federal framework will bring its custody operations under "clear and consistent federal uniformity." Sources differ on the timing of the final decision: Decrypt reports that the OCC approved the application the Friday before Coinbase's Monday announcement, while the crypto.news account cites the Nov. 6 completion date in OCC records.
Restrictions and Limits on the Charter
The charter does not turn Coinbase into a commercial bank. It does not authorize retail deposits, fractional-reserve banking, or stablecoin issuance. Coinbase has said it is not becoming a commercial bank and has no plans to engage in fractional-reserve banking.
Staking, prime trading and financing services can be facilitated through the trust bank, but the OCC decision specifies that Coinbase affiliates will perform those services, with the bank acting as an intermediary. The license also does not provide automatic access to Federal Reserve payment systems. That access requires a separate review under the Federal Reserve's account access guidelines.
Capital and Transition Requirements
The April conditional approval set capital and liquidity requirements. The trust bank must maintain at least $60 million in Tier 1 capital, with a minimum share held in eligible liquid assets, and liquid assets sufficient to cover 180 days of operating expenses during its first three years.
Coinbase already runs custody through Coinbase Custody Trust Company, a limited-purpose trust regulated by the New York State Department of Financial Services since 2018. Crypto.news reports that Coinbase plans to move that custody business into the national trust entity over three years.
Industry Context and Opposition
Coinbase joins Circle, which received final approval in July for a trust bank managing reserves behind its USDC stablecoin, and Ripple, which received final approval in October for a trust bank supporting its RLUSD stablecoin. Crypto.news dates Ripple's final approval to Oct. 26; Decrypt's account says Ripple received it last month relative to its report.
Several other applicants are pending. Decrypt, citing Reuters, lists Block's September application to custody Bitcoin, a May application from Kraken parent Payward, and conditional approval granted in August to a trust company tied to World Liberty Financial's USD1 stablecoin.
The approvals face opposition. Sen. Elizabeth Warren (D-MA) has argued that the OCC's crypto charter approvals, including Coinbase's, are illegal. The Independent Community Bankers of America has sued the OCC, arguing that crypto firms are entering banking through a side door. Banking industry groups had objected to the April preliminary approval as well.
Why It Matters
For Traders
Coinbase's federal charter does not change its near-term products, so trading exposure is unaffected, but pending litigation from the bankers' group could still affect the OCC's charter process.
For Investors
Federal trust charters for crypto custodians are becoming a standard path, with Circle, Ripple and Coinbase now approved and several others pending.
For Builders
Custody built on a federally supervised trust entity may set standards for institutional integrations, though staking and Fed access remain separate approvals.
This article is for information only and is not financial advice. Read the full disclaimer.
