Coinbase wins OCC trust charter with limits on banking powers

The Office of the Comptroller of the Currency’s licensing records show Coinbase National Trust Company completed chartering on Nov. 6, 2026. Coinbase announced the approval on Nov. 9, following preliminary approval on April 2 and an application filed in October 2025.

The trust company may provide fiduciary digital asset custody, hold and transfer assets, and offer certain transaction services linked to those holdings. Coinbase plans to move its existing custody business from a New York-regulated trust company to the federally supervised entity over three years. The OCC’s April decision sets out the permitted activities and supervisory requirements.

The charter does not make Coinbase a conventional commercial bank. While the trust company can facilitate access to staking, prime trading and financing, Coinbase affiliates—not the bank itself—will provide those services. The institution must maintain at least $60 million in Tier 1 capital, with eligible liquid assets, and hold enough liquid assets to cover 180 days of operating expenses during its first three years. The approval also does not give Coinbase direct access to Federal Reserve payment systems; that requires a separate application and review.

“We’ve spent years asking for clear rules and rigorous oversight, and today’s approval of our national trust charter puts more of our business behind that commitment,” Coinbase Vice Chairman Ryan VanGrack said. The decision follows federal trust bank approval for Ripple on Oct. 26. The OCC has also advanced applications involving Circle, BitGo, Fidelity Digital Assets and Paxos.

The charter comes amid legal opposition to the OCC’s trust charter policy. The Independent Community Bankers of America sued the regulator on Oct. 2 in the US District Court for the District of Columbia, challenging its authority to grant charters covering substantial non-fiduciary activities. The association argues crypto firms can gain federal banking status without obligations faced by traditional insured banks. Its suit challenges the OCC’s March 2026 rule and related guidance, and seeks to overturn the conditional approval granted to Protego Holdings.