Quiet · latest Mon 5 Oct 2026
Crypto firms seek US bank charters
13 developmentssince 4 Mar 20266 outlets covered this story · 27 articlesevery development checked by a person
The story so far · 13 developments since 4 Mar 2026
Crypto and fintech firms applied to the US Office of the Comptroller of the Currency for national bank and national trust charters. In July 2026 Circle became the first stablecoin issuer to turn a conditional approval into a final one, and Wise said its application was denied. In September the OCC conditionally approved OpenReserve, Revolut and Bastion said they had conditional approvals, and Block applied; Rain applied in October. Banking groups object to the charters, and on 2 October 2026 the Independent Community Bankers of America sued the OCC.
Timeline at a glance
4 Mar 202612 Nov 2026
The full timeline
How we got here: each step is a development; the space between them shows the time between.
- 5 Oct 2026
Rain applies to the OCC for a national trust bank charter · 2 articles
On Monday 5 October 2026 the stablecoin payments company Rain said it had applied to the OCC to establish Rain National Trust Bank in New York, Cointelegraph and CoinDesk reported. The bank would custody digital assets and dollars, manage reserves for stablecoin issuers and issue and redeem dollar-backed stablecoins, without taking deposits, making loans or carrying FDIC insurance. Both outlets placed it after the community bankers' suit against the OCC three days earlier.
- 2 Oct 2026
The Independent Community Bankers of America sues the OCC over crypto trust bank charters · 2 articles
On Friday 2 October 2026 the Independent Community Bankers of America filed a complaint in the US District Court for the District of Columbia against the OCC and Comptroller Jonathan Gould, arguing the agency 'exceeds the authority Congress granted' it. Unchained reported the suit challenges the OCC's national bank chartering final rule of March 2026, Interpretive Letter 1176 and the conditional charter granted to Protego, and asks the court to set them aside and bar further approvals under them. Cointelegraph reported the OCC had not replied to a request for comment.
- 18 Sep 2026
Bastion says the OCC has granted preliminary conditional approval for its national trust bank · 1 article
On Friday 18 September 2026 the stablecoin infrastructure provider Bastion said in a news release that the OCC had granted preliminary conditional approval for Bastion Platforms National Trust Company, Cointelegraph reported. The trust bank would offer stablecoin custody, payment infrastructure and white-label issuance, and could not take deposits or make loans. Bastion already holds a New York trust charter.
- 8 Sep 2026
Block applies to the OCC for an uninsured national trust bank to custody bitcoin and stablecoins · 1 article
On Tuesday 8 September 2026 Jack Dorsey's payments company Block said it had applied to the OCC to create Builders Bank & Trust, an uninsured national trust bank for bitcoin and stablecoin custody, Cointelegraph reported. The proposed bank would not take deposits or make loans. Cointelegraph reported Block's digital asset strategy lead Lee Woolley would be its president and chief executive.
- 3 Sep 2026
Revolut says the OCC has conditionally approved its proposed US national bank · 2 articles
On Thursday 3 September 2026 Revolut said in a company statement that the Office of the Comptroller of the Currency had conditionally approved its proposed US national bank, the full de novo charter it applied for in March. The Block quoted chief executive Nik Storonsky calling it 'an important first step'. The Defiant reported Revolut still needs FDIC, Federal Reserve and final OCC clearances and plans a 2027 launch offering insured deposits, credit and crypto access. The date of the OCC's decision itself was not stated.
- 2 Sep 2026
The OCC conditionally approves OpenReserve's proposed national bank in Utah · 1 article
On Wednesday 2 September 2026 the OCC published a preliminary conditional approval for OpenReserve, an Andreessen Horowitz-backed crypto banking startup founded by MoneyLion's Dee Choubey, to form a national bank in Utah, Cointelegraph reported. In a separate decision published the same day the OCC conditionally approved Revolut's proposed bank. Cointelegraph reported OpenReserve plans tokenized deposits and digital asset custody, and that neither bank can open before meeting the OCC's preopening requirements and receiving final approval.
- 24 Jul 2026
The OCC denies Wise's application for a US national trust bank charter · 1 article
The Defiant reported that on Friday 24 July 2026 the money-transfer fintech Wise disclosed that the Office of the Comptroller of the Currency had denied its application for a US national trust bank charter. Citing Law360's review of the decision letter, the regulator raised "significant supervisory and compliance concerns" over the company's anti-money-laundering controls; Wise said it plans to resubmit under a GENIUS Act framework. The date of the OCC's letter was not disclosed. It is the first denial on a thread of applications (ZeroHash, Revolut) and approvals (Sony Bank, Circle).
- 10 Jul 2026
Mizuho says the bank approval does not resolve Circle's USDC growth and competition problems · 1 article
In a note issued the same day the OCC granted the charter, Mizuho kept a neutral rating on Circle and said the market reaction was 'likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent' — naming USDC's declining market capitalisation since March and competition from consortium-backed stablecoins such as Open USD. CoinDesk reported the note on 13 July. Circle did not comment.
- 10 Jul 2026
Circle wins final OCC approval to open a national trust bank · 6 articles
The OCC granted Circle final approval to establish First National Digital Currency Bank, N.A., operating as Circle National Trust, converting the conditional approval it received in December 2025 into an unconditional one. The bank will provide fiduciary digital asset custody for Circle and its affiliates at launch; managing USDC reserves is named as a future capability, not a day-one one. Circle shares closed at about $63 on 9 July and rose in pre-market trading on 10 July, by 8.4% to about 16% depending on the measure each outlet quoted.
- 6 Jul 2026
Sony Bank announces conditional OCC approval for Connectia Trust, a US stablecoin trust bank · 2 articles
Sony Bank said it had received preliminary conditional approval from the OCC to form Connectia Trust, a wholly owned US national trust bank subsidiary capitalised with $40 million, to issue and manage a dollar-denominated stablecoin. The approval is conditional: final OCC clearance is still required before operations begin. Decrypt dated the approval to Sony's 6 July statement; the coverage ran on 9 July.
- 9 Mar 2026
The Guardian reports that the Bank Policy Institute is weighing a lawsuit against the OCC over crypto charters · 3 articles
The Guardian reported, citing a source familiar with the group's thinking, that the Bank Policy Institute — a trade group whose board includes the chief executives of JPMorgan Chase, Goldman Sachs and Bank of America — was weighing a lawsuit against the OCC over its crypto and fintech trust charters. The group's objection is that the charters could 'blur the statutory boundary of what it means to be a bank', granting federal standing without the capital and compliance requirements banks face. The OCC did not comment. No lawsuit has been filed.
- 5 Mar 2026
Revolut applies to the OCC and the FDIC for a de novo national bank charter · 3 articles
Revolut applied to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish Revolut Bank US, N.A. This is a full de novo banking charter, not the national trust charter the stablecoin issuers sought: a trust charter is restricted to custody and fiduciary services, while a de novo bank may take deposits and lend. The Financial Times reported the application first.
- 4 Mar 2026
ZeroHash applies to the OCC for a national trust bank charter · 3 articles
ZeroHash filed an application with the US Office of the Comptroller of the Currency for a national trust bank charter, which would let it custody digital assets, manage stablecoin reserves and provide settlement services under federal oversight, but not take customer deposits or make commercial loans. CoinDesk dated the filing to 4 March; the coverage ran on 5 March.
Latest development · 5 Oct 2026
Banking
Rain applies to the OCC for a national trust bank charter
On Monday 5 October 2026 the stablecoin payments company Rain said it had applied to the OCC to establish Rain National Trust Bank in New York, Cointelegraph and CoinDesk reported. The bank would custody digital assets and dollars, manage reserves for stablecoin issuers and issue and redeem dollar-backed stablecoins, without taking deposits, making loans or carrying FDIC insurance. Both outlets placed it after the community bankers' suit against the OCC three days earlier.
2 outlets reported it
- CointelegraphRain seeks US trust bank charter days after OCC sued over crypto charters ↗aggregator
- CoinDeskRain is seeking a national trust bank charter to bypass third-party banks ↗
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