Coinbase Wins Federal Trust Charter for Custody
Digital asset custody firms and stablecoin issuers face growing pressure to secure federal licenses under the GENIUS Act.
Updated on Nov. 9, 2026 in Financial Services
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Coinbase received a full national trust charter from the Office of the Comptroller of the Currency, creating the Coinbase National Trust Company, a de novo national trust bank focused on fiduciary digital asset custody. The charter does not cover retail deposits, lending, or fractional reserve banking, and it applies to financial firms operating in the digital asset custody business across the United States.
Why it matters
The OCC is using national trust banks to bring stablecoin issuers and custodians inside the GENIUS Act framework, which was signed into law in July 2025. Firms seeking to issue or custody payment stablecoins will likely face pressure to obtain a federal license, changing how custody businesses plan their regulatory structure.
Coinbase held $245.7 billion in institutional custody assets as of mid-2025 and reported $376 billion in total platform assets at year-end 2025, with the company holding over 12% of global crypto market capitalization. The charter application was filed October 3, 2025, and received conditional approval April 2, 2026, with the custody business to move over a three-year period.
The players
Coinbase
Coinbase is a major U.S. cryptocurrency exchange and custody platform, with $376 billion in total platform assets at year-end 2025.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is the federal agency that charters and supervises national banks and trust banks in the United States.
Ripple
Ripple is a blockchain payments company that received final OCC approval for its national trust bank on October 26, 2026.
The details
The charter is a federal trust-bank license that adds a national layer on top of Coinbase's existing state authorizations rather than replacing them; the company retains its New York state trust charter and its BitLicense. The application includes a plan to shift the custody business to the new entity over three years. Because the charter excludes retail deposits, lending, and fractional reserve banking, its scope is limited to fiduciary custody of digital assets.
Timeline
July 2025: GENIUS Act signed into law
October 3, 2025: Coinbase filed its charter application
April 2, 2026: Coinbase received conditional charter approval
October 26, 2026: Ripple received final OCC approval for its national trust bank
Market Landscape
The OCC's national trust charters for Coinbase and Ripple follow the GENIUS Act's July 2025 framework, which the agency is using to bring stablecoin issuers and custodians under federal supervision. Coinbase's federal layer sits alongside its New York trust charter and BitLicense, placing it among firms that now hold both state and national authority.
Operators in digital asset custody should evaluate how a federal trust charter could affect their own regulatory and licensing strategy, particularly if they issue or custody payment stablecoins. Businesses that rely on custodians should monitor the three-year migration timeline, since service terms and counterparty arrangements may shift during the transition.
The takeaway
The GENIUS Act is pushing stablecoin and custody firms toward federal charters, and the transition timeline matters for counterparty planning. Operators should check whether any custodians they use are pursuing national trust status and review service agreements accordingly.
Further reading
For broader context on how federal charters are reshaping this market, see Financial Services coverage.
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