Crypto is well and truly becoming a part of the financial system.

On Friday, five crypto companies were granted conditional approval to become national banking charters. The Office of the Comptroller of the Currency, which regulates and supervises all national banks, announced it had conditionally approved applications for USDC ($1.00) issuer Circle’s First National Digital Currency Bank and Ripple National Trust Bank.

BitGo, Fidelity Digital Assets, and Paxos Trust Company already have state charters and await approval to turn into national charters.

The announcement comes just three days after the OCC said that US banks would be able to purchase and sell cryptocurrencies for its clients, acting as intermediaries for investors.

That is a big deal.

National bank charters grant crypto companies federal supervision and access to the Federal Reserve system — a crucial upgrade from state-level oversight.

Indeed, the charters allow for these companies to directly participate in payments systems, access the Fed’s discount window, and are potentially eligible for FDIC insurance. For stablecoin issuers, national charters provide regulatory certainty and competitive advantages just as the $313 billion stablecoin market expands under the new Genius Act framework approved in July.

Massive upgrade

National bank charters represent a massive upgrade from state trust company status.

That’s because state-chartered trust companies operate under individual state regulations and lack direct Federal Reserve access. They must rely on correspondent banking relationships, which all adds costs and complexity to the system.

Instead, national banks receive federal oversight from the OCC while gaining direct access to the Federal Reserve’s payment infrastructure, including Fedwire and FedNow, all without intermediaries.

National banks can also apply for FDIC insurance and establish branches across all 50 states without obtaining separate state licenses.

The federal banking system includes over 1,000 national banks controlling approximately 67% of all banking activity in the US, with more than $17 trillion in combined assets.

Stablecoin boom

Just as these companies receive their conditional approvals, stablecoins are experiencing explosive growth.

The market has ballooned to nearly $314 billion in 2025, gaining over $100 billion since January, according to CoinGecko.

A lot of that growth has come from the Genius Act, approved by President Donald Trump in July 2025. The new bill created the first federal regulatory framework for stablecoin issuers.

Pedro Solimano is DL News’ Buenos Aires-based markets correspondent. Got a tip? Email him atpsolimano@dlnews.com.