On December 12, the OCC announced it conditionally approved five applications for national trust bank charters. The approvals included two de novo charters and three conversions from state trust companies to national trust banks. According to the OCC’s conditional approval letters, all five institutions plan to offer digital asset custody and related services, with four of the five also planning to issue stablecoins as part of their business model.

The OCC stated that each application was reviewed on its individual merits using the same rigorous process conducted for all charter applications, and it emphasized that, subject to meeting the OCC’s conditions, the new institutions would join approximately 60 other national trust banks that the agency supervises. The OCC highlighted that new entrants to the federal banking sector support a “dynamic, competitive, and diverse banking system” and provide consumers with access to new products, services, and sources of credit. Among other requirements common to the conditional approval letters, the OCC mandated safe and sound operations, including minimum capital and liquidity levels, and required adherence, where applicable, to the GENIUS Act (covered by InfoBytes here).