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Stripe-Owned Bridge Wins Conditional OCC Approval to Become National Crypto Bank
- Conditional federal approval would allow Bridge to operate as a national trust bank overseeing stablecoin issuance, custody and reserves.
- The move follows Stripe’s US$1.1 billion (AU$1.55 billion) acquisition and aligns with implementation of the GENIUS Act.
- Bridge joins a cohort of crypto firms seeking federal trust status, though final authorisation has not yet been granted.
Stablecoin infrastructure provider Bridge has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to form a national trust bank, advancing its plans to operate under direct federal oversight. Bridge was purchased by Stripe in 2024 for US$1.1 billion (AU$1.55 billion) as part of Stripe’s expansion into blockchain-based payments and stablecoin infrastructure.
Once finalised, the proposed Bridge National Trust Bank would be permitted to issue stablecoins, custody digital assets and manage the reserves backing those tokens within a federally regulated structure. The company said the charter would provide institutions with the regulatory foundation required to build with stablecoins at scale and within a clear supervisory perimeter.
Related: Institutions, Not Individuals, to Drive Crypto’s Mainstream Breakthrough
Regulatory Scope of the Proposed Trust Bank
Bridge added that its compliance framework reflects the standards set out in the GENIUS Act, the stablecoin legislation enacted last year to regulate issuance and trading activity, while federal regulators continue drafting detailed implementing rules. The rush of crypto-related applications followed regulatory decisions reaffirming that banks can hold and manage crypto assets for customers.
The approval follows similar conditional clearances granted in December to Circle, Ripple, Paxos, Fidelity Digital Assets and BitGo. Anchorage Digital Bank remains the only crypto-native firm to have obtained a national trust charter, having done so in 2021.
Bridge filed its application in October, and OCC records show conditional approval was granted last week, with no timetable yet disclosed for a final decision.
Related: US Bank Lobby Urges OCC to Pause Crypto Trust Charters Amid Stablecoin Uncertainty
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
