Bridge, a firm specializing in stablecoin infrastructure and owned by Stripe, has announced that it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This charter will enable Bridge to issue stablecoins, manage digital asset custody, and oversee reserves under federal regulation.
This development is part of Stripe’s broader initiative to enhance blockchain-based payment systems, following its acquisition of Bridge for $1.1 billion in 2024. In a company statement, Bridge emphasized that this approval allows it to support enterprises, fintech companies, crypto businesses, and financial institutions in utilizing digital currencies within a defined federal framework.
Bridge asserts that its existing systems comply with the standards set forth in the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was enacted last year to regulate stablecoin issuers. Although federal banking regulators, including the OCC, Federal Reserve, and Federal Deposit Insurance Corporation, are in the process of establishing specific regulations mandated by the GENIUS Act, these guidelines have not yet been finalized.
The approval for Bridge’s charter aligns with a trend among various firms aiming to develop stablecoin products within a regulated federal environment. In December, several companies, including Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo, received similar conditional approvals from the OCC. Additionally, Erebor Bank was granted a conditional national bank charter in October. Bridge submitted its application for the charter in October, and the OCC confirmed its approval last week.
Currently, Bridge facilitates stablecoin issuance for various products, including Phantom’s CASH and MetaMask’s mUSD, through Stripe’s Open Issuance platform. The OCC has not yet provided a timeline for final approval of the charter.
Bridge has secured conditional approval from the OCC to establish a national trust bank, allowing it to issue stablecoins and manage digital assets under federal oversight. This move aligns with a growing trend among firms seeking to operate within a regulated framework for stablecoin products.