Stripe-Backed Bridge Secures U.S. National Trust Banking License
The payment giant's stablecoin subsidiary is the latest crypto-native company to secure a banking license.
Bridge – a stablecoin issuance platform acquired last year by fintech payments processor Stripe – has received conditional approval from the Office of the Comptroller of the Currency (OCC) to become a federally chartered national trust bank.
What's the Scoop?
- New Bank: According to a recent Bridge blog post, the Stripe-backed stablecoin issuer has, "received conditional approval from the Office of the Comptroller of the Currency (OCC) to organize a federally chartered national trust bank." Charter holders can offer nationwide asset custody without needing to secure individual licenses at the state level.
- Growing Trend: Anchorage Digital – a national trust bank charterholder since 2021 – had been the only federally licensed crypto bank until December, when the OCC granted five new charters. Laser Digital, the digital assets subsidiary of Japanese financial conglomerate Nomura, also applied for a national trust banking license in January.
Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
