Coinbase, the largest exchange by trading volume in the U.S., has applied for a National Trust Company Charter with the U.S. Office of the Comptroller of the Currency (OCC) in a bid to seek federal approval to grow its regulated operations.
The update for shared in a blog post by Greg Tusar, VP, Institutional Product for Coinbase, on October 3, 2025. The post stated that the exchange is taking “a significant step in expanding our business capabilities and regulatory oversight beyond the existing framework, paving the way for innovation and growth in building a modern financial system powered by digital assets.”
Despite applying for the federal charter, Coinbase clarified that it does not plan to become a traditional bank. The company has maintained that its goal is to operate under clear, consistent regulations while continuing to innovate within the digital asset space. It also believes the charter would help “bridge the gap” between crypto and traditional finance.
Growing under federal oversight
If approved, the new license would operate under the oversight of Coinbase’s existing New York Department of Financial Services (NYDFS) framework. Coinbase’s custody division, Coinbase Custody Trust Company (CCTC) and Coinbase Inc., has held a New York trust charter since 2015, one of the earliest regulatory approvals for a crypto firm in the U.S. The exchange stated that its framework has prepared it to move towards seeking a national charter.
Coinbase also said approval of the OCC charter would allow it to expand beyond custody services, potentially including payments and related offerings, under clearer federal oversight. The exchange further added that it plans to work with OCC staff throughout the review process and respond to any public or agency feedback.
Broader industry trend
Coinbase’s application comes amid a broader industry shift toward federal regulation. Other prominent crypto companies, such as Circle and Ripple, also recently submitted similar OCC trust charters.
The USDC stablecoin issuer, Circle, also shared plans to use the charter to broaden its payment and custody services nationwide earlier in July. However, Ripple is seeking the same license to back its new RLUSD stablecoin and cross‑border settlement business.
In August, Paxos, a blockchain platform and tokenization infrastructure, also applied to convert its NYDFS trust charter into an OCC national trust charter.