Coinbase Wins Full Federal Trust Charter From OCC
By Micah Zimmerman
AI summary of the source article
Coinbase has received a full national trust bank charter from the OCC for Coinbase National Trust Company. The approval places the company's institutional custody business under direct federal supervision.
Why it matters
Coinbase stated that the charter "allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities" and marks "another major step" in integrating digital assets into the American financial system.
Key facts
- The trust bank must hold at least $60 million in Tier 1 capital and 180 days of operating expenses in liquid assets during its first three years.
- The charter permits fiduciary asset custody for institutional clients but does not allow retail deposits, loan issuance, or stablecoin issuance.
- Coinbase plans to transfer its custody business from its New York DFS-regulated entity to the national trust over three years.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Coinbase Wins Full Federal Trust Charter From OCC Coinbase's custody arm has completed its national trust bank charter with the OCC, upgrading April's conditional approval, but the license does not let it take deposits, make loans or issue stablecoins. This post Coinbase Wins Full Federal Trust Charter From OCC first appeared on Bitcoin Magazine and is written by Micah Zimmerman .