- Ripple, Circle, and BitGo seek national trust bank licenses to enhance regulatory integration.
- Kraken shifts focus to card tools, bypassing federal bank charter applications.
- Stablecoin legislation like the Genius Act is driving financial institutions into crypto alignment.
Among some of the top crypto companies, like Ripple, Circle, and BitGo, are aggressively pursuing national trust bank licenses in the U.S. as part of a broader industry trend toward tighter integration with regulated financial infrastructure. The companies wish to gain regulatory clarity and maximize operational efficiency by moving away from a loosely regulated environment to a more formalized environment in line with U.S. law.
This licensing effort follows recent policy shifts under the Trump-era regulatory environment. The current political landscape is viewed by some in the industry as more accommodating to digital asset charters than under the Biden administration. Circle, in particular, sees the Office of the Comptroller of the Currency (OCC) license as key to facilitating integration with the federal banking system. Ripple has also advanced its positioning by applying for a master account with the Federal Reserve, which would enable direct custody of stablecoin reserves.
Existing Trust Bank and New Applicants Shift the Competitive Landscape
Currently, Anchorage Digital remains the only crypto firm holding a national trust bank charter. However, the application activity from Ripple, Circle, and BitGo signals rising competition. Trust bank licenses do not authorize direct customer deposits or lending services. Instead, they provide firms with enhanced regulatory status, allowing them to manage digital assets under federal oversight.
BitGo’s interest in federal licensing marks a notable step for custodial infrastructure providers. These licenses could potentially streamline compliance with capital reserve requirements and custodianship standards. . Moreover, Circle application emphasizes the increased convergence between stablecoin creators and conventional banking systems. This move is an indication of a wider phenomenon of crypto companies adjusting to federal attention and the desire to preserve operational independence.
Traditional and Fintech Firms Accelerate Crypto Integration
The shift is not limited to crypto-native firms. Robinhood, a trading platform that generated over half its transaction revenue from crypto in the past year, is preparing to launch banking features in fall. Meanwhile, Revolut, a London-based neobank with robust digital asset services, is pursuing a U.S. banking license to expand stateside operations. Klarna is also exploring a model that would transform its consumer lending segment into a crypto-oriented financial platform.
Outside fintech, established banks are adjusting their strategy. Bank of America, in turn, is on track to introduce its own stablecoin once federal regulation offers the necessary clarity. This trend constitutes a striking break in attitude with previous cycles of regulation.
Kraken, however, has opted for a different strategy. It continues to operate under a Wyoming state-level charter, choosing to expand through card services and crypto toolkits. This path allows Kraken to avoid the lengthy federal charter process while still scaling its offerings in the payment and custody space.
Ripple, Circle, and BitGo’s pursuit of trust bank licenses marks a strategic shift, reflecting broader industry moves toward federal oversight, operational maturity, and deeper integration with traditional finance.
