Coinbase Wins Full OCC National Trust Charter

Coinbase has secured a full national trust bank charter from the Office of the Comptroller of the Currency, with the charter taking effect on November 6, 2026 and the approval announced on Monday, according to ForexCrunch. The grant upgrades the conditional approval Coinbase received on April 2 of this year, following an application filed in October 2025.

The new entity, Coinbase National Trust Company, will sit under direct federal supervision instead of state-level oversight. Coinbase said in a company blog post that the charter brings “clear and consistent federal uniformity” to its custody capabilities. Rick Schonberg, Coinbase’s head of prime trading and custody, said the approval reflects years of advocacy for clearer rules and stronger oversight, adding that consistent oversight matters as digital assets become more connected to the financial system, Bitcoinist reported.

Also read: Ramp seeks OCC trust charter for digital asset custody

Key facts

• The OCC’s Corporate Applications Search lists the institution under control number 2025-Charter-343449, with proposed charter number 25390 and headquarters at One Madison Avenue in New York, according to Blockonomi.
• The trust must hold at least $60 million in Tier 1 capital, with the greater of $30 million or 50% of that capital in eligible liquid assets, plus reserves covering 180 days of operating expenses through its first three years.
• Coinbase will move its existing custody business from Coinbase Custody Trust Company, regulated by the New York State Department of Financial Services, to the national entity over three years.
• Bitcoinist reported that the OCC has processed nearly two dozen such charters in the current administration, with more than a dozen going to crypto firms and a similar number to fintechs.
• The OCC’s approval documents state the trust company does not plan to issue stablecoins, per Blockonomi.

A third crypto charter for 2026

Coinbase’s approval is the OCC’s third headline crypto trust decision this year, after Circle’s final approval in July and Ripple’s on October 26. Block applied for its own banking charter in September. The sequence points to federal charters for crypto custody becoming a routine option rather than an exception.

The two reports differ slightly on framing. Bitcoinist describes the approval as unconditional and notes Coinbase’s stated near-term priorities include strengthening custody and eventually expanding into stablecoin issuance, servicing, white-label arrangements for other firms, and payments. Blockonomi, citing the OCC’s approval documents, stresses that the proposed trust company does not plan to issue stablecoins and that any significant change to its business plan needs advance notice and written clearance. Both reports agree the charter does not provide FDIC insurance or authorize conventional commercial lending.

Also read: OCC final GENIUS Act rule keeps stablecoin yield ban

Notably, the charter does not connect Coinbase automatically to Federal Reserve payment systems; that requires a separate application under the Fed’s account access guidelines, ForexCrunch reported. ForexCrunch also said Coinbase disclosed no financial impact from the charter.

Banking groups push back

The Independent Community Bankers of America urged the OCC in December 2025 to reject the application, arguing Coinbase has “demonstrably flawed risk and control functions,” and the American Bankers Association asked the regulator in February 2026 to slow its review of crypto charter requests, per ForexCrunch. The approval proceeded anyway.

Bitcoinist reported that traditional banking groups have filed a lawsuit against the OCC arguing the agency’s interpretation of national trust charters lets crypto companies operate with bank-like powers while avoiding full banking rules and deposit insurance. The ICBA has already sued the OCC over extending such charters to crypto firms, according to ForexCrunch, which noted that a further challenge after this grant is a live risk for custody clients planning multi-year arrangements.

Why it matters

For institutions choosing where to hold digital assets, a federally supervised custodian now sits alongside state-chartered options. Coinbase, which says it has served as a custodian for more than 14 years, gains federal preemption of certain state financial laws and operates under the OCC’s supervisory framework for these charters, per Bitcoinist. The three-year migration means clients will sit under two regulators for an extended period, and the unresolved litigation could still reshape the terms of existing charters.

What to watch

Industry observers will watch how quickly Coinbase rolls out expanded custody and payments services, and whether the banking groups’ lawsuit produces restrictions on charters already granted. The OCC’s capital and liquidity conditions run through the institution’s first three years of operation.

Written by

StockPil Editorial

The StockPil Editorial desk covers stock markets, business, finance, forex and crypto. Our AI-assisted newsroom builds each article from published, linked sources, checks it for accuracy before it goes live, and our editors review published articles and correct anything that needs it.

Sources: ForexCrunch, Bitcoinist, Blockonomi