- •Circle and Ripple have received conditional OCC approval to establish national trust banks, aligning their stablecoin operations with the GENIUS Act.
- •The proposed trust banks would place USDC and RLUSD reserve management under direct federal supervision once final approval is granted.
- •Although approvals remain conditional, these moves show how major issuers are restructuring stablecoin infrastructure to meet U.S. banking standards.
The OCC national trust charter approval granted to Circle and Ripple reflects a clear move toward federally supervised stablecoin infrastructure in the United States. Both approvals arrived shortly after the GENIUS Act became law, giving this development a wider regulatory context. Rather than focusing on token growth or adoption claims, the approvals center on reserve oversight and compliance structure. For readers following U.S. crypto regulation, this marks a practical step from legislation to implementation. It also shows how large issuers are adjusting their operations to meet new federal expectations.
Circle’s Conditional Approval and USDC Reserve Oversight
Circle confirmed it has received conditional approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., a national trust bank. Once fully approved, the bank would operate under OCC supervision and oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer. The approval is not final, and Circle must still satisfy all remaining regulatory conditions before the bank can begin operations.
According to Circle, the national trust bank structure is intended to strengthen oversight of reserve assets backing USDC. As a federally regulated trust bank, it would be subject to examination and compliance requirements similar to other OCC supervised institutions. Circle has positioned this step as part of its effort to align with the GENIUS Act, which established a formal framework for U.S. stablecoin issuance in July 2025.
Circle’s application was submitted on June 30, 2025. The company also highlighted its regulatory history, including compliance with New York’s BitLicense regime and the European Union’s MiCA framework. While these past approvals do not guarantee final OCC authorization, they provide context for Circle’s regulatory approach as it seeks full approval.
Related read: Circle Obtains Regulatory Approval From Abu Dhabi
Ripple’s Trust Bank Charter and Dual Regulatory Oversight
Ripple also received conditional approval from the OCC to establish Ripple National Trust Bank, a federally supervised trust bank focused on managing RLUSD reserves. Similar to Circle’s approval, Ripple’s authorization remains conditional and requires further regulatory steps before becoming fully operational.
A key distinction in Ripple’s structure is the dual layer of oversight it describes. RLUSD reserve management would fall under both state supervision through the New York Department of Financial Services and federal supervision through the OCC. Ripple stated that this setup is designed to place its stablecoin reserves within a formal trust company framework, introducing fiduciary obligations and enhanced reporting standards.
Ripple linked the OCC national trust charter approval to its broader payments and institutional services, noting that the trust bank would extend regulatory oversight beyond stablecoin reserves. Claims regarding RLUSD usage and market size were presented as company statements, and no independent verification was provided within the release. Final OCC approval remains pending.
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Why These OCC Approvals Matter for Stablecoins
The OCC national trust charter approval granted to both Circle and Ripple reflects a shift in how U.S. regulators expect stablecoin reserves to be managed. Rather than relying solely on state level licenses or money services registrations, national trust banks bring reserve oversight into the federal banking system. This introduces clearer examination authority and fiduciary responsibilities tied to reserve custody.
It is important to note that both approvals are conditional and not yet complete. The trust banks cannot operate until all OCC requirements are met. Still, these approvals show how major issuers are preparing for compliance under the GENIUS Act by restructuring reserve management within federally supervised entities.
As more stablecoin issuers evaluate their regulatory options, these developments provide a reference point for how federal oversight may be applied in practice. The long term impact will depend on final approvals and how consistently similar standards are enforced across the market.
