Coinbase wins full federal trust charter from OCC
Coinbase has won a full national trust bank charter from the Office of the Comptroller of the Currency, the exchange said, completing a process that began with an application in October 2025 and a conditional approval on 2 April. OCC licensing records show the chartering was completed on 6 November, with the regulator approving the application for Coinbase National Trust Company the previous Friday.
The charter puts Coinbase's institutional custody business under direct federal supervision. "This charter allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities," the company wrote in a blog post, saying it strengthens the framework under which it serves customers. Coinbase said it has acted as a custodian for more than 14 years.
It is not a commercial bank. The trust cannot take ordinary retail deposits or make loans, and the charter does not authorise it to issue stablecoins. Staking, prime trading and financing continue through Coinbase affiliates, with the trust acting as an intermediary rather than performing those services directly. The OCC's April decision requires the trust bank to hold at least $60 million in Tier 1 capital and enough liquid assets to cover 180 days of operating expenses during its first three years. Federal Reserve payment access would need a separate application.
Coinbase already runs custody through Coinbase Custody Trust Company, a limited-purpose trust regulated by the New York State Department of Financial Services, and plans to move that business to the national entity over three years. It joins a queue of crypto firms completing federal charters: Ripple received final approval on 26 October and Circle won final OCC approval in July, a decision that put USDC reserves on a path toward federal supervision. Comptroller Jonathan V. Gould said in August that "America and the OCC are once again open for business."
The approval drew objections. The Independent Community Bankers of America urged the OCC in December to reject the application, calling the exchange's risk and control functions "demonstrably flawed", and the American Bankers Association asked the regulator in February to slow its review of crypto charter requests. Behind the objections sits a dispute over stablecoins, with Coinbase wanting to pay customers rewards for holding the tokens and banks arguing that could erode their deposit base. Coinbase did not disclose any financial impact from the charter. Vice Chairman Ryan VanGrack said the company has spent years "asking for clear rules and rigorous oversight".
