Ripple and Fidelity Score OCC Conditional Approval to Become National Trust Banks

The crypto and traditional finance worlds just collided—and the regulators blinked first.

The Green Light (With Strings Attached)

The Office of the Comptroller of the Currency handed down conditional approvals, a move that lets Ripple and Fidelity's digital asset arms inch closer to operating as national trust banks. This isn't a full-throated endorsement; it's a regulatory sandbox with guardrails. The OCC essentially said, 'Prove it.' Now the real work begins: meeting capital requirements, passing operational muster, and navigating the final compliance gauntlet.

Why This Cuts Through the Noise

Forget vague promises about 'institutional adoption.' This is the blueprint. A national trust charter isn't just another license—it's a master key. It bypasses the patchwork of state-by-state regulations, granting a unified framework to custody assets, execute settlements, and build financial rails that could eventually make today's plumbing look archaic. Ripple gets a potential end-run around its SEC saga for its core business, while Fidelity doubles down on its institutional fortress.

The Fine Print and the Fight Ahead

Conditional approval means the champagne stays on ice. Both firms now face a probationary period where every move is scrutinized. They'll need to satisfy the OCC's conditions on governance, risk management, and financial stability—no small feat in a market that still gives traditional bankers hives. Skeptics in Congress and at other agencies are already sharpening their knives, viewing this as a dangerous precedent that could let crypto 'too big to fail' entities sneak in through the back door.

The closer we get to legitimizing crypto's infrastructure, the more it looks like... just infrastructure. Maybe the future of finance is just finance, with a different backend—a thought that probably terrifies more legacy bankers than any price crash ever could.

The approvals place Ripple and others into the U.S. federal banking system, pending fulfillment of regulatory conditions. The number of federally chartered national trust banks now sits at 60. Per an, BitGo, Fidelity, and Paxos will convert from existing state trust charters, while Ripple and First National Digital Currency Bank were approved as new (de novo) entities. The regulator says it applied the same rigorous review and standards it applies to all charter applications, and carefully reviewed each application, based on its individual merits, consistent with applicable statutory and regulatory factors.

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said Comptroller of the Currency Jonathan V. Gould. “They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system. The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.”

Ripple Labs CEO Brad Garlinghouse also shared his elation for the news, signaling that Ripple’s RLUSD has taken the next step in its journey into traditional finance. “This is a massive step forward – first for RLUSD, setting the highest standard for stablecoin compliance with both federal (OCC) & state (NYDFS) oversight.” He went on to address anti-crypto experts, suggesting the battle isn’t over. “To the banking lobbyists – your anti-competitive tactics are transparent. You’ve complained that crypto isn’t playing by the same rules, but here’s the crypto industry – directly under the OCC’s supervision and standards – prioritizing compliance, trust, and innovation to the benefit of consumers. What are you so afraid of?”

While the past month has been difficult for the crypto industry, seeing top coins tank in price, the OCC’s decision could be a catalyst for a market rebound. Analysts suggest that 2026 will be another big year for crypto, and the market may well enter 2026 on a bullish note if these firms get final approval before the year ends. Ripple’s XRP token returned to $2 following the OCC announcement.