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Stripe's Crypto Unit Bridge Obtains Initial Approval to Establish a Trust ...
Bridge's conditional OCC approval allows it to issue stablecoins and manage digital assets under federal oversight, joining several crypto firms advancing regulated banking integration.
- On Feb 17, Bridge, stablecoin infrastructure firm owned by Stripe, said it gained conditional approval from the Office of the Comptroller of the Currency to form a national trust bank.
- Bridge applied for the charter in October and the OCC's records show a recent sign-off last week, while federal banking regulators have not yet implemented the GENIUS Act rules.
- Other crypto firms including Circle and Ripple received similar preliminary OCC approvals in December alongside Paxos, Fidelity Digital Assets, and BitGo, while Bridge powers stablecoin issuance for Phantom's CASH and MetaMask's mUSD via Stripe's Open Issuance platform.
- If finalized, the charter would authorize Bridge National Trust Bank to custody digital assets, issue stablecoins and manage reserves under federal oversight, but the Office of the Comptroller of the Currency has not announced a timeline for final approval.
- This approval positions Bridge to help enterprises, fintechs, crypto businesses and financial institutions build with digital dollars inside a clear federal framework amid regulatory uncertainty as GENIUS Act rules are still being implemented and competing applicants like World Liberty Financial have filed for charters.
16 Articles
16 Articles
Stripe-Owned Stablecoin Company Secures Conditional Nod To Operate As National Trust Bank - Circle Internet Group (NYSE:CRCL)
Stripe-owned stablecoin platform Bridge said Tuesday it has secured a conditional approval from the Office of the Comptroller of the Currency to form a federally chartered national trust bank. Bridge Gears For Federal Oversight Bridge stated on X that once the charter is fully approved, it would be able to operate stablecoin products and services under direct federal oversight. Subject to relevant law and OCC requirements, Bridge would be allowe…
Channel News Asia
ZawyaStripe's crypto unit Bridge obtains initial approval to establish a trust bank
Feb 17 : Bridge has gained conditional approval to set up a national trust bank from a top U.S. financial regulator, the Stripe-owned stablecoin infrastructure provider said on Tuesday.Crypto giants, including Ripple and Circle, in December received preliminary approval to establish national trust banks, mark
Bridge Receives Conditional Approval for National Trust Bank
Bridge, the stablecoin infrastructure provider owned by Stripe, announced on Tuesday that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This preliminary approval marks a significant step for Bridge in integrating digital assets into the regulated banking system. Bridge provides infrastructure to allow businesses to use stablecoins. Stripe acquired Bridge in Octob…
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