Coinbase has secured a significant step toward expanding its presence in the US banking sector after receiving final approval for its national trust bank charter from the Office of the Comptroller of the Currency (OCC). The regulator officially listed the charter as effective on November 6, allowing the cryptocurrency exchange to provide institutional custody and digital asset services through a federally supervised entity.

The approval brings an end to a process that started in October 2025, when Coinbase submitted its initial application. The OCC granted conditional authorization on April 2, 2026, before completing the charter process. Coinbase can now operate its national trust company under federal regulatory oversight.

The announcement follows Ripple’s successful completion of its own OCC approval process on October 26. The two cryptocurrency companies have secured national trust bank charters within a matter of weeks, reflecting the industry’s growing interest in operating within established financial regulatory systems.

Coinbase Joins Ripple in Expanding Crypto Banking Operations

Coinbase’s latest regulatory achievement comes after Ripple obtained conditional approval for Ripple National Trust Bank in December 2025. The company received its final authorization on October 26, 2026.

Ripple’s charter supports several activities connected to its RLUSD stablecoin. These include managing segregated reserves backing the stablecoin, serving as a collateral trustee, and providing fiduciary custody services for digital assets.

Despite the new federal authorization, RLUSD will continue to be issued by Standard Custody & Trust Company, Ripple’s New York-regulated trust subsidiary. The national trust bank adds federal supervision to aspects of its reserve management and institutional services.

Coinbase’s charter, meanwhile, creates additional opportunities within its institutional business. The exchange can provide federally supervised custody and fiduciary services to institutional clients through its national trust company.

Coinbase has previously indicated that the approval will strengthen its Coinbase Prime custody operations and support the development of additional regulated services.

The progress made by both companies demonstrates a growing shift in the cryptocurrency sector. Major digital asset firms are increasingly pursuing direct regulatory recognition to compete more effectively with traditional financial institutions.

ICBA Lawsuit Raises Questions About Crypto Bank Charters

The expansion of cryptocurrency companies into federally supervised banking has also attracted criticism from traditional financial institutions.

On October 2, the Independent Community Bankers of America (ICBA) filed a lawsuit challenging the OCC’s authority to grant national trust bank charters to digital asset companies.

The association argues that cryptocurrency businesses are receiving the advantages of federal banking recognition without being required to follow several rules applicable to conventional banks.

Its objections include the absence of FDIC deposit insurance, differences in capital and liquidity requirements, and exemptions from certain Community Reinvestment Act obligations.

The lawsuit challenges the OCC’s March 2026 rule and associated regulatory guidance, claiming that the agency has extended the national trust charter beyond its intended legal scope.

The legal dispute could have implications for the wider digital asset industry. If the ICBA successfully challenges the regulator’s approach, other cryptocurrency companies seeking national trust bank authorization could face additional legal and regulatory obstacles.

The case may also influence how the OCC handles future applications involving digital asset custody, stablecoin services, and other cryptocurrency-related financial activities.

Coinbase and Ripple Push Crypto Deeper Into Traditional Finance

The latest approvals highlight the changing relationship between cryptocurrency businesses and the US financial system. Digital asset companies are increasingly seeking federal authorization to provide services traditionally associated with established financial institutions.

For Coinbase, the national trust charter creates a foundation for expanding institutional custody and other regulated financial operations.

Ripple’s authorization similarly strengthens its position in stablecoin infrastructure, reserve management, and institutional digital asset services.

Both companies are working toward a larger role in the financial infrastructure supporting digital assets, potentially bringing more institutional customers into regulated cryptocurrency markets.

However, resistance from traditional banking organizations remains a potential obstacle. The ICBA’s lawsuit could determine whether the OCC can continue extending national trust bank charters to cryptocurrency companies under its current regulatory framework.

For now, Coinbase’s final approval represents another major regulatory development for the crypto industry. Together with Ripple’s authorization, it signals that digital asset companies are moving closer to becoming established participants in the federally supervised US financial system.