Stripe's Bridge, the stablecoin infrastructure firm acquired by the payments giant for $1.1 billion in 2024, has applied for a national bank trust charter with the U.S. Office of the Comptroller of the Currency (OCC). The move, confirmed by co-founder Zach Abrams, aims to position Bridge under federal regulatory oversight to expand its stablecoin services, including custody, issuance, and reserve management[1]. If approved, the charter would enable Bridge to tokenize trillions of dollars in assets, aligning with the firm's vision to integrate stablecoins into mainstream finance[1].
The stablecoin market, now valued at $300 billion, has become a critical infrastructure for cross-border payments and decentralized finance (DeFi). Bridge's application joins a broader trend as firms like CircleCRCL--, Ripple, and Paxos seek federal charters to operate within a regulatory framework. The GENIUS Act, signed into law in July 2025 under President Donald Trump, has provided clarity by establishing federal reserve requirements and oversight for stablecoin issuers[2]. This legislation has spurred growth, with the U.S. Treasury projecting the market could expand to $2 trillion by 2028[2].
Stripe's strategy includes launching "Open Issuance," a platform that allows businesses to create customized stablecoins in days. The service leverages Bridge's infrastructure and partnerships with asset managers like BlackRock, Fidelity, and Superstate to handle treasury operations[1]. Open Issuance emphasizes interoperability, enabling seamless transfers across blockchains such as EthereumETH-- and SolanaSOL--. Stripe has already secured clients including Phantom, MetaMask, and Hyperliquid, which use the platform to design reward systems and capture stablecoin yields[1].
The regulatory push is part of Stripe's broader expansion into crypto. In May 2025, it introduced a money management feature for stablecoin holdings in 101 countries and acquired crypto wallet startup Privy to bolster its digital payments ecosystem[2]. Meanwhile, the company is also seeking a New York State Department of Financial Services (NYDFS) trust license to comply with state-specific requirements[2]. These steps reflect a strategic alignment with global financial institutions, which are increasingly adopting stablecoins for settlement and remittances[3].
Industry experts highlight Stripe's move as a catalyst for mainstream adoption. William Gaybrick, Stripe's president of technology and business, noted that stablecoins could transform global money movement by enabling instant, low-cost transactions[5]. However, challenges remain, including concerns over transparency and systemic risks. For instance, Tether's unaudited reserves and algorithmic stablecoins' collapse in 2022 have raised regulatory scrutiny. The GENIUS Act's prohibition of yield-bearing stablecoins further underscores the need for clear differentiation between payment-focused tokens and tokenized money market products[7].
As the stablecoin landscape evolves, competition intensifies. TetherUSDT-- (USDT) and Circle's USDCUSDC-- dominate with $176 billion and $74 billion in market capitalization, respectively. Yet, Stripe's Open Issuance and partnerships with traditional financial giants like BlackRock signal a shift toward institutional-grade solutions[8]. The U.S. Treasury's projection of a $2 trillion market by 2028[2] and the EU's MiCA regulations[6] indicate a regulatory environment increasingly favorable to innovation, though global coordination remains a hurdle[6].
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