Stripe’s stablecoin firm Bridge wins initial approval to form national bank trust charter

Bridge, Stripe’s Stablecoin Arm, Scores Conditional OCC Approval to Launch National Trust Bank

In a landmark move for the digital asset industry, Bridge—the stablecoin infrastructure firm owned by fintech giant Stripe—has secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally chartered national trust bank. This approval marks a pivotal moment in the convergence of traditional finance and blockchain technology, positioning Bridge to operate under direct federal oversight while issuing stablecoins, managing digital asset custody, and overseeing reserves.

The conditional charter, granted last week, was first reported by Coindesk and confirmed by Bridge in a press release. The company emphasized that this approval places it at the forefront of a new era in digital finance, enabling enterprises, fintechs, crypto businesses, and financial institutions to build with digital dollars within a clear federal framework. “This is a significant step toward bridging the gap between traditional finance and the blockchain ecosystem,” Bridge stated.

Bridge’s systems are already compliant with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a regulatory framework passed last year to govern stablecoin issuers. While federal banking regulators, including the OCC, Federal Reserve, and Federal Deposit Insurance Corp., are still finalizing the specific regulations mandated by the GENIUS Act, Bridge’s proactive compliance positions it as a leader in the space.

This approval is part of a broader trend of firms seeking to integrate stablecoin products into the federal financial system. In December, major players like Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo received similar conditional approvals from the OCC. Erebor Bank was granted a conditional national bank charter in October, and Bridge applied for its charter in October, with the OCC signing off last week.

Bridge currently powers stablecoin issuance for products like Phantom’s CASH and MetaMask’s mUSD through Stripe’s Open Issuance platform. With this new charter, the company is poised to expand its offerings and solidify its role as a key player in the stablecoin ecosystem.

The OCC has not announced a timeline for final approval, but the conditional green light is a significant milestone for Bridge and the broader digital asset industry. As the regulatory landscape continues to evolve, Bridge’s success could pave the way for other firms to follow suit, accelerating the adoption of stablecoins and blockchain technology in mainstream finance.

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