Ripple, Circle, and BitGo are pursuing U.S. trust bank licenses amid regulatory shifts, as stablecoin bills like the Genius Act push crypto closer to traditional finance. Kraken eyes a debit card, while Robinhood and Revolut expand banking services.

Ripple, Circle and BitGo have each moved to secure U.S. national trust bank charters from the Office of the Comptroller of the Currency (OCC), reflecting an accelerating push by major crypto firms to be supervised under the same federal framework that covers traditional trust banks. On 12 December 2025, the OCC conditionally approved new de novo national trust banks for Circle (First National Digital Currency Bank) and Ripple National Trust Bank, and approved the conversion of BitGo’s state trust charter into a national trust bank charter, alongside Paxos and Fidelity Digital Assets. These national trust banks can provide custody, settlement and related fiduciary services nationwide but, unlike full commercial banks, they cannot take insured retail deposits or run a conventional lending business. This licensing push comes as U.S. policymakers advance stablecoin legislation that would tether dollar-pegged tokens more tightly to the banking system, including proposals such as the Genius Act and other stablecoin bills that contemplate bank‑style oversight of major issuers. Circle already issues USDC and Ripple has launched its own dollar‑backed stablecoin (RLUSD), making federal trust supervision directly relevant to how their reserves are held and audited. In parallel, other crypto-facing fintechs are expanding into banking‑adjacent services: Kraken is reported to be exploring a crypto‑linked debit card, while brokerage‑style platforms such as Robinhood and Revolut continue to roll out broader payments and banking features, aiming to blur the line between trading apps and full‑service financial institutions. Taken together, these moves illustrate how leading digital‑asset companies are seeking regulated, nationwide footholds inside the U.S. financial system ahead of clearer stablecoin and crypto market rules.

✨ AI-generated background, compiled from web sources — not editorial content.

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