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Bridge got conditional approval. The Office of the Comptroller of the Currency granted Stripe’s stablecoin subsidiary a national trust bank charter on February 12, marking another win for crypto companies pushing into traditional banking territory.
Bridge wants to speed up global payments and make treasury operations smoother using stablecoins. The company thinks its tech can fix cross-border payment headaches and help tokenized asset markets grow bigger. Bridge says it’s following the federal GENIUS Act rules – that’s the stablecoin law Congress passed in July 2025. With a national trust charter, Bridge can operate coast-to-coast without getting separate licenses in each state. Pretty much removes a ton of regulatory hassle.
Other crypto firms want similar deals.
The OCC already gave conditional approval to BitGo, Fidelity Digital Assets, and Paxos back in December. Circle and Ripple also got preliminary charters around the same time. Bridge submitted its application in October, so the approval came relatively fast. Stripe bought Bridge in 2025 for about $1.1 billion, basically betting big on stablecoin payments becoming mainstream.
But traditional banks aren’t happy about this trend. The American Bankers Association sent a letter to the OCC asking regulators to slow down these charter approvals. They’re worried crypto companies might use national trust charters to dodge stricter oversight rules. And the GENIUS Act regulations are still being written, so there’s uncertainty about what compliance really means.
Senate lawmakers are working on broader digital asset legislation too. These regulatory changes could reshape how crypto integrates with regular banking. The OCC’s decision on Bridge shows regulators are getting more comfortable with digital assets, but banks think things are moving too fast.
Stripe didn’t respond when asked for comment about the charter approval.
Bridge’s conditional approval puts it alongside other major crypto players getting national trust recognition. Circle and Ripple received preliminary charters on the same day, February 12. This wave of approvals seems coordinated – the OCC is clearly trying to establish a framework for crypto banking operations. But these are conditional approvals, meaning Bridge still needs to meet additional requirements before getting full operational authority. See also: Senator Moreno Pushes April Deadline for.
The $1.1 billion Bridge acquisition was Stripe’s biggest crypto bet yet. Stripe wants to add stablecoin settlement to its existing payment network, which already processes billions in transactions. The deal shows how payment companies are racing to integrate digital currencies before competitors do. Bridge’s team had experience building stablecoin infrastructure, making it an attractive target for Stripe’s expansion plans.
Traditional banks see these charter approvals as unfair competition. They argue crypto companies get lighter regulatory treatment while offering similar services. The American Bankers Association’s letter specifically mentioned concerns about regulatory arbitrage – basically, crypto firms shopping around for the easiest regulators. Banks have to follow strict capital requirements and consumer protection rules that might not apply the same way to crypto companies.
The GENIUS Act created a federal framework for stablecoin regulation, but implementation details remain murky. Companies like Bridge have to guess what full compliance looks like since regulators are still writing the specific rules. This creates risk for both crypto companies and their customers. Bridge claims its compliance framework meets GENIUS Act standards, but nobody knows exactly what that means yet.
Senate banking committee members are drafting comprehensive digital asset legislation that could change everything. The bills under consideration would create new regulatory categories for crypto companies and establish clearer rules for stablecoin operations. These changes might make the current OCC charter approvals obsolete or require additional compliance steps.
Bridge’s national charter application highlighted its focus on institutional customers rather than retail consumers. The company wants to serve businesses, banks, and other financial institutions that need fast settlement for large transactions. This approach might face less regulatory scrutiny than consumer-focused crypto services, but it also limits Bridge’s potential market size. See also: FCA Wins Big as Tribunal Backs.
Stripe’s silence about the charter approval is kind of surprising given the company’s usual PR strategy. The company typically promotes major milestones and regulatory wins. Maybe Stripe wants to avoid drawing attention while Bridge completes the full approval process. Or the company might be waiting to see how other conditional charter recipients fare before making public statements.
The OCC granted these conditional approvals despite ongoing political pressure from banking industry groups. Commissioner Michael Hsu previously expressed skepticism about crypto banking charters, but the agency moved forward anyway. Bridge must now prove it can operate safely under federal banking supervision while building its stablecoin business.
Bridge expects to launch operations sometime in 2026, assuming it gets full charter approval.
Federal banking regulators processed over $2.3 trillion in stablecoin transactions during 2025, according to Treasury Department data released last month. The surge reflects growing institutional adoption of digital dollar alternatives for cross-border payments and treasury management. Major corporations including Microsoft, Tesla, and JPMorgan Chase have integrated stablecoin settlements into their operations, driving demand for regulated infrastructure providers like Bridge.
Banking industry analysts worry the OCC’s charter approvals could fragment oversight responsibilities across multiple agencies. The Federal Reserve maintains authority over monetary policy implications of stablecoins, while the Securities and Exchange Commission regulates certain token offerings as securities. Bridge and other charter recipients must navigate this complex regulatory landscape while building compliant business operations. Some legal experts predict jurisdictional disputes between agencies as crypto banking grows larger.
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