On January 29, the OCC conditionally approved an application for a national bank charter filed in September 2025. According to the company’s announcement, the proposed entity must now satisfy specific OCC conditions, including full capitalization within 12 months and opening within 18 months, and the bank must also obtain further regulatory approvals from the FDIC and the Fed before commencing operations. The company stated that the charter will enable the launch of deposit accounts, credit cards, lending services, and digital asset custody under a comprehensive federal framework.