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Bridge, a stablecoin company under Stripe, receives preliminary endorsement for a national bank trust charter.
The U.S. banking license would enable Bridge to issue and manage stablecoins under direct federal oversight.
Bridge co-founders Zach Abrams and Sean Yu (Bridge, modified by CoinDesk)
Key points:
- Bridge, the stablecoin infrastructure company owned by Stripe, announced it has obtained conditional approval from the OCC to establish a national trust bank.
- The license will enable the firm to issue and manage stablecoins under federal regulation.
- This development follows the agency granting similar initial approvals to stablecoin issuers Circle, BitGo, and Ripple in December.
Bridge, a stablecoin infrastructure firm owned by Stripe, stated on Tuesday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
The charter would permit Bridge National Trust Bank to issue stablecoins, hold digital assets, and manage reserves under direct federal regulation. This marks a further advancement in Stripe’s extensive initiative into blockchain-based payments since its acquisition of Bridge for $1.1 billion in 2024.
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"This approval positions Bridge to assist enterprises, fintechs, crypto businesses, and financial institutions in constructing digital dollars within a defined federal framework," the company mentioned in its press release.
Bridge asserts that its systems already comply with the standards set forth in the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation enacted last year aimed at regulating stablecoin issuers. Federal banking regulators, including the OCC, the Federal Reserve, and the Federal Deposit Insurance Corporation, have yet to implement the specific regulations required by the GENIUS Act, but they are currently progressing through that process.
Bridge is part of an expanding group of companies aiming to develop stablecoin products within a federal framework. In December, Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo also received similar conditional approvals from the OCC, and Erebor Bank was awarded a conditional national bank charter in October. Bridge submitted its charter application in October, and OCC records show it received approval last week.
The company currently facilitates stablecoin issuance for products such as Phantom’s CASH and MetaMask’s mUSD through Stripe’s Open Issuance platform.
The OCC has not provided a timeline for final approval.
