Stripe-Owned Bridge Gains National Bank Trust Charter to Boost Stablecoin Offerings
Stripe-owned Bridge has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust banking charter. Full approval would allow Bridge to custody digital assets, issue stablecoins, and manage stablecoin reserves under federal oversight. This move follows similar conditional approvals for companies like Circle, Ripple, and Paxos. The uptick in applications comes after the OCC reaffirmed that banks may hold and manage crypto assets for customers, and after the GENIUS Act introduced stablecoin-specific regulations. However, traditional banking lobbyists have urged regulators to apply rigorous standards and transparency during the approval process, due to concerns about rapid innovation and the potential impacts on financial stability. The stablecoin market has grown significantly, with over $308 billion in circulation. Some policymakers, such as Senator Cynthia Lummis, have encouraged banks to support stablecoin innovation.
