Stablecoin Issuers Race for US Bank Charters as Stripe's Bridge Joins the Queue
Bridge, Stripe’s stablecoin infrastructure arm, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. If approved, this status would allow Bridge to issue, redeem, and custody stablecoins under federal regulation, bypassing the need for state-level money-transmitter licenses. The application follows the recent GENIUS Act, which created a national charter for payment stablecoin issuers and requires full cash or Treasury reserves, monthly disclosures, and prioritized redemption rights. Stripe acquired Bridge in 2023 to enhance its blockchain-based payment capabilities. Similar OCC charter applications have been filed by Circle, Ripple, Paxos, and Coinbase. If granted, Bridge would be among the first federally regulated stablecoin banks, marking a shift toward national oversight of digital asset infrastructure. This move is viewed as setting a precedent for integrating on-chain finance within regulated, interoperable frameworks and signals broader federal recognition and regulation of stablecoins in the U.S.
