Bridge Receives Conditional Approval for National Trust Bank Charter
- Bridge, owned by Stripe, has received conditional approval from the U.S. OCC to form a national trust bank.
- The charter allows Bridge to issue stablecoins, custody digital assets, and manage reserves under federal oversight.
- This approval aligns with the GENIUS Act aimed at regulating stablecoin issuers and enhancing compliance standards.
- Bridge’s systems are reportedly compliant with current regulatory standards set forth by federal banking regulators.
- In December, other firms like Circle and Ripple also received similar approvals from the OCC.
The conditional approval positions Bridge to support enterprises and financial institutions in utilizing digital dollars within a regulated framework. This move is part of Stripe’s ongoing efforts to expand into blockchain-based payments following its $1.1 billion acquisition of Bridge.
With this charter, Bridge can now proceed towards issuing stablecoins while adhering to federal regulations, marking a significant step in its operational capabilities.(Source)
