On September 18, the OCC conditionally approved national trust bank charters for three digital asset and stablecoin firms. The first decision approved the conversion of a New York state trust company into an uninsured national trust bank that will engage in white-label stablecoin issuance, white-label custodial wallet services in a fiduciary capacity, conversion services for custody customers, and issuer services to other regulated stablecoin issuers. The OCC received no public comments on this application. The second granted preliminary conditional approval for a de novo national trust bank to offer custody, investment management, trust, conversion and clearing, and execution services for fiat currency, investment securities, and digital assets, including payment stablecoins. Banking trade groups submitted comments questioning the OCC’s chartering authority, the sufficiency of public information and the comment period, and whether the proposed activities could involve brokerage of digital assets that are securities under federal securities laws. Commentators also asserted that “the proposed activities do not align with OCC precedent with respect to fiduciary activities conducted by national trust banks,” but the OCC concluded that “the proposed activities are permissible for a national bank.” Further, the OCC found none of the concerns to be grounds for denial and stated it would monitor for securities-law compliance as applicable.

The third granted preliminary conditional approval for a de novo national trust bank focused on dollar-backed stablecoin issuance and reserve maintenance; digital asset custody in a nonfiduciary capacity; payment processing and settlement services; and fiduciary investment advisory services exclusively for institutional and business customers. The preliminary conditional approval also authorizes the bank’s plan to transition an existing dollar-backed stablecoin from an offshore affiliate, with the OCC granting an exemption from Regulation W’s affiliate-transaction restrictions for the asset transfer. Banking trade groups also submitted comments on this application, raising concerns about the agency’s chartering authority, its ability to supervise and resolve uninsured entities, and broader policy issues related to the stablecoin framework; the OCC addressed each concern and found none to be grounds for denial.

Among other requirements, all three charters condition approval on limiting operations to those of a trust company, complying with the GENIUS Act and any implementing regulations, and maintaining minimum tier 1 capital — $6 million for the conversion and $10 million for each de novo charter — with at least 50 percent held in eligible liquid assets. None of the banks will accept deposits or carry FDIC insurance.