The OCC recorded the Coinbase National Trust Company charter as consummated and effective on November 6, 2026, seven months after conditional approval in April. Coinbase announced the final approval on Monday and moves its institutional custody business under a single federal regulator.
What the OCC filing shows
According to the OCC filing record, application 2025-Charter-343449 covers a national trust bank under a holding company, with trust powers requested.
- Bank name: Coinbase National Trust Company, charter #25390
- Headquarters: One Madison Ave, Suites 2400 and 2500, New York
- Public comment period: October 3 - November 3, 2025
Step | Date |
|---|---|
Application received | October 3, 2025 |
Conditional approval | April 2, 2026 |
Charter consummated/effective | November 6, 2026 |
What the new entity can do
The OCC's preliminary approval letter lets Coinbase National Trust Company hold digital assets for clients as a fiduciary. Coinbase has offered regulated custody since 2018, when Coinbase Custody Trust Company received a limited purpose trust charter from the NYDFS.
- Segregated custody accounts for institutional clients
- Access to staking, financing and trading through other Coinbase entities
- Digital asset payment products, currently being explored
- Custody that lets clients interact with select smart contracts
At the April conditional approval, Coinbase said it was not becoming a commercial bank, would not take retail deposits and would not engage in fractional reserve banking.
What Coinbase said
The company described custody as foundational to its business and calls itself the leading crypto custodian globally. The charter, in Coinbase's words, brings clear and consistent federal uniformity to its custody operations.
CEO Brian Armstrong wrote on X that trusted custody is essential for bringing more of the financial system onchain, calling the trust company another step for building that foundation.
Who else holds a federal charter
Company | OCC status | Details |
|---|---|---|
Circle | Final charter, July 2026 | Manages USDC reserves |
Ripple | Final charter, October 2026 | Trust bank behind RLUSD |
BitGo, Fidelity Digital Assets, Paxos | National trust charter | - |
Crypto.com, Bridge (Stripe) | Conditional approval | Awaiting final charter |
Kraken (Payward), Block, EDX Markets | Application pending | Payward filed in May, Block in September |
Pushback on the approvals
Sen. Elizabeth Warren has argued the OCC's crypto charter approvals, including Coinbase's, are illegal. The Independent Community Bankers of America has sued the OCC to stop crypto firms from entering banking through what it calls a side door.