Regulator

Office of the Comptroller of the Currency

The chartering authority for national banks, whose Interpretive Letter 1183 of 7 March 2025 confirmed cryptoasset custody and certain stablecoin activities as permissible and removed the prior non-objection requirement; it approved Circle's First National Digital Currency Bank on 10 July 2026.

Kind Regulator

Jurisdiction United States

Founded 1863

Stories filed 2

The profile

Independent bureau of the US Treasury created by the National Currency Act of 25 February 1863, which charters, regulates and supervises national banks, federal savings associations and the federal branches and agencies of foreign banks, and which receives no appropriations from Congress. Interpretive Letter 1183, issued on 7 March 2025, confirmed that cryptoasset custody, certain stablecoin activities and participation in independent node verification networks are permissible for its institutions, and removed the requirement to obtain supervisory non-objection first; the agency simultaneously withdrew from joint interagency statements on cryptoasset and liquidity risk. Its charter decisions determine which firms may hold stablecoin reserves and tokenized assets under federal rather than state supervision: Anchorage Digital converted in January 2021, BitGo received unconditional approval in December 2025, and Circle's First National Digital Currency Bank was approved on 10 July 2026.

Frameworks and functions

National trust bank charters: Federal charters that replace state trust licences with one supervisor, used by digital asset custodians and stablecoin issuers to hold reserves and client assets.
Interpretive Letter 1183: March 2025 letter confirming crypto custody, certain stablecoin activity and distributed ledger participation as permissible without prior supervisory non-objection.

Coverage

Developments in which Office of the Comptroller of the Currency is a named party, newest first.

Stablecoins

Circle adds a New York trust charter to USDC's regulatory stack

The NYDFS has granted Circle Internet Trust Company a limited purpose trust charter, putting the USDC issuer under the New York Banking Law a decade after it took the first BitLicense.

today Circle 2 reports

Regulation

OCC and Treasury issue proposed rules implementing the GENIUS Act

The Office of the Comptroller of the Currency published a proposed rule on 25 February 2026 implementing the GENIUS Act, consolidating reserve, redemption, audit and supervision requirements for payment stablecoin issuers in a new 12 CFR Part 15.

25 Feb 2026 OCC Bulletin 2026-3 4 reports

Stablecoins United States

On the record

31 Jul 2026

Circle receives a New York limited purpose trust charter

The New York State Department of Financial Services granted Circle Internet Trust Company LLC, trading as Circle New York Trust, a limited purpose trust charter on 31 July 2026, permitting fiduciary, custody and asset-management services under the New York Banking Law. It sits alongside the national trust bank approval the Office of the Comptroller of the Currency gave Circle on 10 July 2026.

Regulatory United States Stablecoins Circle: Circle granted trust charter by the New York Department of Financial Services ↗

25 Feb 2026

OCC proposes rules implementing the GENIUS Act

The Office of the Comptroller of the Currency published a proposed rule implementing the GENIUS Act, codifying most requirements in a new 12 CFR Part 15 and amending Parts 3, 6, 8 and 19. The proposal covers permitted activities, reserve assets, redemption, risk management, audits, reports and supervision for permitted payment stablecoin issuers, and applies to national banks, federal savings associations, federal branches and agencies, foreign issuers and non-bank applicants for federal issuer approval.

Regulatory United States Stablecoins OCC Bulletin 2026-3: GENIUS Act: Notice of Proposed Rulemaking ↗

7 May 2025

OCC confirms national banks may provide crypto custody and execution services

In Interpretive Letter 1184 the Office of the Comptroller of the Currency confirmed that national banks and federal savings associations may hold crypto-assets in custody and buy and sell assets held in custody at a customer's direction. The letter also stated that banks may outsource bank-permissible crypto-asset custody and execution activities to third parties subject to third-party risk management, and built on the earlier Interpretive Letters 1170 and 1183.

Regulatory United States Office of the Comptroller of the Currency: News Release 2025-42 ↗

1 Nov 2021

US President's Working Group recommends stablecoin legislation

The President's Working Group on Financial Markets, with the FDIC and the OCC, recommended that Congress require stablecoin issuers to be insured depository institutions, subject custodial wallet providers to federal oversight, limit issuers' affiliation with commercial entities and promote interoperability between stablecoins. Treasury Secretary Janet Yellen said existing oversight was inconsistent and fragmented, and agencies committed to acting within current authority while legislation was pending.

Research United States Stablecoins US Department of the Treasury: President's Working Group on Financial Markets releases report and recommendations on stablecoins ↗

13 Jan 2021

OCC conditionally approves the first national trust bank charter for a digital asset firm

The Office of the Comptroller of the Currency conditionally approved the conversion of Anchorage Trust Company, a South Dakota chartered trust company, into Anchorage Digital Bank, National Association, subject to an operating agreement setting capital, liquidity and risk management expectations. The charter created a federally supervised entity able to act as custodian and, later, as issuer of record for regulated dollar tokens.

Regulatory United States Office of the Comptroller of the Currency: OCC conditionally approves conversion of Anchorage Digital Bank ↗

4 Jan 2021

OCC allows national banks to run blockchain nodes and make stablecoin payments

The Office of the Comptroller of the Currency issued Interpretive Letter 1174, confirming that federally chartered banks and thrifts may participate in independent node verification networks and use stablecoins for payment activities, validating, storing and recording transactions. Acting Comptroller Brian Brooks said the letter "removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments", subject to Bank Secrecy Act programmes tailored to those risks.

Regulatory United States Stablecoins Office of the Comptroller of the Currency: OCC chief counsel's interpretation on bank authority to engage in certain cryptocurrency activities ↗

21 Sep 2020

OCC permits national banks to hold stablecoin reserves

The Office of the Comptroller of the Currency published Interpretive Letter 1172, stating that national banks and federal savings associations may hold reserves on behalf of customers who issue stablecoins backed one-for-one by a single fiat currency in hosted wallets, with daily verification that reserve balances match tokens outstanding. Acting Comptroller Brian Brooks said banks were already handling such activity involving billions of dollars each day and the letter was meant to provide regulatory certainty.

Regulatory United States Stablecoins Office of the Comptroller of the Currency: Federally chartered banks and thrifts may engage in certain stablecoin activities ↗

Official

www.occ.gov ↗

Sources

OCC: Who we are occ.gov · 25 Jul 2026
OCC: History occ.gov · 25 Jul 2026
OCC: OCC clarifies bank authority to engage in certain cryptocurrency activities occ.gov · 25 Jul 2026
Circle: Circle receives final OCC approval to establish national trust bank circle.com · 25 Jul 2026