Payments giant Stripe’s stablecoin subsidiary, Bridge, has officially submitted an application to the Office of the Comptroller of the Currency (OCC) to organize a national trust bank. The application is a critical regulatory step to provide a secure and compliant U.S. foundation for Bridge’s expanded stablecoin business, particularly its new “Stablecoin-as-a-Service” platform, Open Issuance.
According to the company, this service enables businesses to mint and burn tokens freely and define the composition of their reserves.
Zach Abrams, co‑founder and CEO of Bridge, said in a post on X, “We’ve long believed stablecoins will be a core, regulated financial building block. This regulatory infrastructure will enable us to tokenize trillions of dollars and make this future possible.” He added, “Through this bank, we’ll provide: custody, stablecoin issuance, management of stablecoin reserves, and more.”
The application for a national trust charter with the Office of the Comptroller of the Currency (OCC) and a trust license with the New York State Department of Financial Services (NYDFS) shows Stripe’s effort at operating within a regulated framework. A trust charter would permit Bridge to custody client assets and fulfill the oversight requirements necessary for a major stablecoin issuer, aligning with new legislation like the GENIUS Act.
Stripe acquired Bridge in 2024 for a reported $1.1 billion. The company has already rolled out stablecoin financial accounts in over 100 countries and, through Bridge, launched a partnership with Visa to allow stablecoin balances to be spent seamlessly using a card network.