December 12, 2025, the Office of the Comptroller of the Currency (OCC) announced a major news — conditional approval for five leading crypto companies’ national trust bank licenses. This is not just a simple administrative approval, but a milestone marking the official entry of crypto assets into the U.S. federal financial regulatory system, signifying a new phase in the integration of traditional finance and the Web3 ecosystem.

**Who Got the Licenses**

Circle and Ripple have received approval to establish new national trust banks, while BitGo, Fidelity Digital Assets, and Paxos have upgraded from state-level trust licenses to national licenses. Among these five institutions, Circle’s USDC has reached a scale of $78 billion, and Ripple’s RLUSD is also a mainstream stablecoin in the market. OCC Director Jonathan Guld stated that the inclusion of these institutions benefits consumers and the overall health of the financial system, allowing the regulatory framework to keep pace with technological innovation.

**What Can This License Do**

The national trust bank license grants these companies the authority to legally conduct core financial activities such as asset custody and payment settlement at the federal level. The most immediate benefit is that the reserve management of stablecoins like Circle and Ripple is now directly overseen by the OCC, greatly enhancing transparency and institutional trust. However, it's important to note that this license has clear restrictions — licensees cannot accept public deposits or issue loans, essentially focusing only on asset management and payment clearing.

**Market Perspective**

Regulators generally view this as a turning point for the crypto industry. Moving from a complete gray area to integration within the federal financial system is positive for the ecosystem’s compliance progress and institutional confidence.