Coinbase has received full approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The move allows it to run a crypto custody business for institutional investors under a federal supervisory framework.

On Nov. 9, Coinbase said the OCC had given final approval to the charter application of Coinbase National Trust Company.

Coinbase applied in October 2025 and received preliminary approval from the OCC on April 2 this year. It then completed organisational and operational preparations, and OCC charter records show the process was completed on Nov. 6. The approval converts an earlier conditional approval into full authorisation, meaning a consistent federal regulatory standard can be applied to Coinbase's institutional digital asset custody business.

Under the approval, Coinbase National Trust Company can hold clients' digital assets as a custodian. Coinbase plans to offer institutional clients segregated custody accounts by asset, and to link staking as well as financial and trading services through other affiliates. It is also reviewing custody services that provide access to digital asset payment products and some smart contracts.

The approval does not grant the status of a general commercial bank. A trust bank cannot take retail deposits or make loans, and the charter does not include authority to issue stablecoins. Staking, prime trading and financial services are also operated through affiliates rather than provided directly by the trust bank. The trust bank acts as an intermediary for those services.

Financial soundness requirements also apply. Coinbase National Trust Company must maintain at least $60 million (about 80.5 billion won) in core capital and secure liquid assets sufficient to cover 180 days of operating expenses during the first three years after launch. It also does not automatically gain access to the Federal Reserve's payment systems. It must file a separate application under the Fed's account access guidelines.

Coinbase currently operates its custody business through Coinbase Custody Trust Company, a limited purpose trust company supervised by the New York State Department of Financial Services (NYDFS). The company plans to transfer the existing custody business to the national trust bank entity over the next three years.

With the approval, Coinbase has joined the ranks of crypto companies that have secured a federal trust bank charter. Ripple received final approval on Oct. 26, and Circle won approval in July, laying the groundwork to bring its USDC stablecoin reserve management business under a federal supervisory framework. BitGo, Fidelity Digital Assets and Paxos are also cited as companies with national trust bank charters. Crypto.com and Bridge, owned by Stripe, have received conditional approval, while Kraken and EDX Markets are in the process of seeking approval.

Resistance from the banking sector over crypto companies' entry into banking has also continued. The Independent Community Bankers of America (ICBA) opposed Coinbase's application in December last year, arguing there were problems with the company's risk management and control systems. The American Bankers Association (ABA) also asked the OCC in February to slow the review of applications from crypto companies. Banks are concerned that if Coinbase provides rewards to customers holding stablecoins, it could weaken traditional banks' deposit base.

Coinbase did not disclose the specific financial impact of the approval and stressed that it was a milestone in establishing a regulatory framework. Key variables include the work to move existing custody clients to the national entity within three years and further responses from banks that have opposed the approval.