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Coinbase wins full OCC trust bank charter with limits
Federal approval covers institutional custody but bars retail deposits, lending and direct stablecoin issuance.
Key takeaways
- Final approval. Coinbase National Trust Company completed chartering on Nov. 6, 2026, after preliminary approval in April.
- Narrow scope. The charter covers fiduciary digital asset custody, not retail deposits, traditional lending or stablecoin issuance.
- Phase-in. Coinbase will shift custody business from its New York-regulated trust company to the federal entity over three years.
What happened
Coinbase has obtained a full national trust bank charter from the Office of the Comptroller of the Currency, bringing its institutional cryptocurrency custody business under direct federal banking supervision. The company announced the completed approval on Nov. 9, 2026, according to crypto.news and CoinGape.
OCC licensing records show Coinbase National Trust Company finished the chartering process on Nov. 6, following preliminary approval granted on April 2, 2026. The application was filed in October 2025, and the intervening months were used to meet organizational and operational conditions set by the regulator.
The charter allows the entity to provide fiduciary digital asset custody, mainly for institutional clients, including holding and transferring assets in custody accounts and offering certain related transaction services. It does not authorize ordinary retail deposits, traditional lending or direct stablecoin issuance.
Coinbase currently runs custody through Coinbase Custody Trust Company, a limited-purpose trust company regulated by the New York State Department of Financial Services. Under the OCC's April decision, the company plans to move that business to the national trust entity gradually over three years.
Why it matters
The approval gives Coinbase a federal supervisory framework for a core part of its business, rather than relying solely on state-level oversight. It also places the exchange alongside Ripple, which received final approval for its national trust bank on Oct. 26, 2026, as crypto firms seek federally regulated venues for custody and related services.
The limits matter as much as the approval. Coinbase affiliates, not the bank, will provide staking, prime trading and financing products, with the trust bank acting as an intermediary. The charter also does not grant automatic access to Federal Reserve payment systems, which requires a separate application process.
What the data shows
The OCC's April decision set capital and liquidity conditions. The trust bank must hold at least $60 million in Tier 1 capital, with a minimum portion in eligible liquid assets, and must maintain liquid assets covering 180 days of operating expenses during its first three years.
Coinbase Vice Chairman Ryan VanGrack said the company had spent years seeking clear rules and rigorous oversight, and described the approval as putting more of its business behind that commitment, according to crypto.news.
Background
The OCC has been reviewing trust charter applications from several digital asset firms, including Circle, BitGo, Fidelity Digital Assets and Paxos. Ripple's federally supervised institution is designed to support its RLUSD stablecoin infrastructure, with its New York-regulated subsidiary remaining the issuer.
The GENIUS Act, signed in July 2025, created a federal framework for payment stablecoins. Coinbase's approved business plan does not include issuing a stablecoin. The Independent Community Bankers of America has challenged the OCC's approach in litigation filed in October 2026, arguing crypto firms can obtain federal banking status without some obligations imposed on insured banks.
What to watch
How quickly Coinbase transfers custody operations from its New York entity to the national trust company, and whether it later seeks Federal Reserve payment access, are open questions. The outcome of the ICBA litigation could also affect the wider trust charter pathway for crypto firms.
Questions readers ask
Does the charter let Coinbase accept customer deposits?
No. The approval excludes ordinary retail deposits and traditional lending, and the bank is limited to fiduciary custody and related services.
Can Coinbase issue a stablecoin under this charter?
The approved business plan does not include stablecoin issuance, though Coinbase affiliates may offer other products through the bank as intermediary.
Sources · 6 publishers
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Coinbase wins full US banking approval, but with key restrictions -
Coinbase Secures Full US Federal Approval to Operate as a National Trust Bank -
Coinbase Bank Gets Full OCC Approval as Ripple Leads Crypto Banking Push -
Coinbase’s US national trust bank charter takes effect
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Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter -
Coinbase Secures Full US Trust Charter as OCC Expands Crypto Banking Access
