Coinbase Seeks OCC National Trust Charter to Expand Into Payments Under Federal Oversight
Coinbase, the largest US-based crypto exchange, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a National Trust Charter (NTC), marking a major push to further embed its operations within the US financial framework. Announced on October 3, the filing positions the NTC as a logical evolution of Coinbase’s institutional custody arm, which already safeguards billions in client assets.
In its announcement, the company said the charter would allow it to expand beyond pure custody into payments and other trust-driven financial services under a single national standard. “If approved, the charter would continue to open up opportunities for Coinbase to launch new products beyond custody, including payments and related services, with the confidence of regulatory clarity, fostering broader institutional adoption,” the firm explained.
Chief Legal Officer Paul Grewal framed the move as both a response to Coinbase’s growth and a bid for consistent federal oversight. “State-level charters and certifications have been instrumental as our business and the industry grew. But with crypto playing a bigger role in our everyday lives, it’s time for the clarity, consistency, and opportunity a federal-level charter affords,” he said.
Grewal added that federal recognition would build on the protections many Coinbase customers already receive under the New York Department of Financial Services (NYDFS), extending similar standards nationwide. According to him, a national framework would ensure users across all states benefit from the same legal and regulatory guardrails.
Coinbase’s application reflects a broader shift among leading crypto companies to align with traditional banking-style supervision. This year, firms such as Circle and Ripple have similarly pursued charters tied to stablecoin issuance and payments infrastructure, signaling a nationwide regulatory inflection point. Over the past year, US financial authorities have shown greater willingness to bring blockchain-powered services into the mainstream, provided they operate within robust compliance regimes.
An OCC national trust bank charter would subject Coinbase’s trust entity to federal oversight and prudential expectations—covering areas like capital, risk management, and BSA/AML compliance—while providing uniformity across states. Unlike a full-service national bank, however, a national trust bank typically does not accept insured retail deposits, which aligns with Coinbase’s stance that it is not trying to become a traditional bank. Instead, the company says the charter would streamline how it offers custody, agency, escrow, settlement, and payment-related services to institutions across the country.
In parallel, Coinbase is continuing its policy advocacy through the Stand With Crypto initiative, which mobilizes users to push back against what the company sees as efforts by large banks to curtail access to interest-bearing stablecoins. On September 29, 2025, Coinbase wrote on X: “The big banks are coming for another bailout by attacking crypto. They don’t want you to earn rewards on your stablecoin holdings. Our take: competition = better options for consumers. If you wouldn’t ban credit card rewards, don’t ban crypto rewards.”
The debate has escalated since August, when several banking trade groups urged regulators to restrict stablecoin issuance by uninsured institutions, arguing it could create regulatory gaps and siphon trillions from bank deposits. Crypto industry advocates countered that the warnings are protectionist and anti-competitive. Coinbase CEO Brian Armstrong criticized the banking lobby’s position, calling it “hypocrisy” and encouraging incumbents to focus on innovation. “Hypocrisy from banks is causing problems for crypto again. Banks want to remove your ability to earn rewards when holding stablecoins. Competition is good for consumers. They’re just mad that they’re losing. Big banks don’t need another bailout, they need better products,” Armstrong said.
If granted, the NTC could reduce operational
