Coinbase Pursues Federal Charter to Bridge Crypto and Mainstream Finance

Coinbase has submitted an application for a National Trust Company Charter from the Office of the Comptroller of the Currency (OCC), a move the company emphasizes is not an attempt to become a bank but rather to strengthen its custodial and product offerings under a federal regulatory framework. The application, disclosed in a September 2025 blog post and corroborated by multiple industry reports, aligns with Coinbase's long-standing strategy to secure clear regulatory guidelines for digital assets. The company stated that a federal charter would streamline oversight for new services, including payments and institutional-grade offerings, while reinforcing its commitment to innovation and securityCoinbase Strengthens Commitment to Innovation and Oversight with National Trust Charter Application^[1].

The application places Coinbase among a growing cohort of crypto firms seeking federal banking licenses, including Paxos, BitGo, and Circle. This trend follows a regulatory shift under the Trump administration, which has adopted a more crypto-friendly stance. Notably, the OCC recently rescinded a Biden-era rule requiring banks to obtain supervisory non-objection before engaging in crypto activities-a change acting Comptroller Rodney Hood described as removing a "major deterrent" to innovationCoinbase Eyes Federal Bank Charter Amid Regulatory Shift^[3]. The move has lowered barriers for crypto firms to access the U.S. payments infrastructure directly, eliminating reliance on intermediary banks and reducing compliance redundancies across state-specific licensesCoinbase considers applying for federal bank charter^[4].

Coinbase's application builds on its existing custodial operations under New York's BitLicense framework, which the company credits for fostering institutional trust since 2015. By pursuing a federal charter, Coinbase aims to expand its ability to offer services such as custody, payments, and potentially lending, all under a unified regulatory structure. Greg Tusar, Coinbase's vice president of institutional product, reiterated that the firm has "no intention of becoming a bank" but emphasized that a federal charter would enable it to "confidently innovate while ensuring proper oversight and security"Coinbase pursues OCC federal charter as it looks to bolster innovation between crypto and TradFi^[2].

The broader industry context highlights accelerating institutional adoption of crypto infrastructure. Anchorage Digital, the only crypto firm to date to hold a full national trust charter, has praised the OCC's openness to innovation, describing the regulatory clarity as "second to none." Other applicants, including Paxos and Protego, previously received conditional charters that expired in 2023 due to unmet requirements, underscoring the rigorous standards for approvalCoinbase Eyes Federal Bank Charter Amid Regulatory Shift^[3]. Adam Shapiro of Klaros Group noted that the current OCC leadership, including nominee Jonathan Gould, has historically supported crypto banking, having overseen Anchorage's initial charter approval in 2021Coinbase considers applying for federal bank charter^[4].

Coinbase's move also reflects a strategic response to evolving market dynamics. A federal charter would allow the company to bypass the complexities of managing multiple state licenses, which require separate audits and lack universal reciprocity. This is particularly relevant as stablecoin adoption surges-global transaction volumes reached $3 trillion in August 2025, with U.S.-dollar-backed tokens like USDC and Tether dominating the marketAI Agents May Become Liquidity Drivers for Stablecoins^[6]. While Coinbase has not yet announced specific products tied to the charter, the company's focus on payments and institutional services suggests potential integration with emerging stablecoin networks, which are increasingly adopted by traditional financial institutions.

The regulatory landscape remains fluid, with Congress actively debating frameworks for crypto markets. Coinbase's application signals a broader industry push to embed digital assets into mainstream finance under a federal charter, rather than relying on fragmented state regulations. As the OCC evaluates applications, the outcome could set a precedent for how crypto firms navigate the intersection of innovation and compliance, potentially reshaping the competitive landscape for years to comeCoinbase Strengthens Commitment to Innovation and Oversight with National Trust Charter Application^[1].