Bridge Receives Conditional Approval for National Trust Bank Charter
- Bridge, a stablecoin platform owned by Stripe, received conditional approval from the US Office of the Comptroller of the Currency (OCC) to operate as a federally chartered national trust bank.
- The approval allows Bridge to offer custody of digital assets, issue stablecoins, and manage reserves under federal oversight.
- Bridge applied for the charter in October and received approval on February 12, with Stripe acquiring it in a $1.1 billion deal in the same year.
- The American Bankers Association urged the OCC to slow down approvals for crypto companies until regulations under the GENIUS Act are clarified.
- Several other companies, including BitGo and Circle, have also received conditional approvals for national trust bank charters from the OCC.
This development is significant as it positions Bridge to operate within a regulated framework, enhancing confidence in its stablecoin offerings. The ongoing discussions among US lawmakers about stablecoin regulations further emphasize the importance of this approval.
With its recent OCC approval, Bridge can confidently expand its services related to stablecoins and digital asset custody under federal oversight.(Source)
