Summary
- The U.S. Office of the Comptroller of the Currency (OCC) said it has conditionally approved Bridge’s application to establish a national trust bank.
- It said the approval would allow Bridge to issue and manage stablecoins under the federal government’s supervisory framework.
- It said the OCC previously conditionally approved national trust bank applications from Circle, BitGo, and Ripple, among others.
The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved stablecoin infrastructure firm Bridge’s application to establish a National Trust Bank.
According to crypto-focused media outlet CoinDesk on the 17th (local time), the approval would allow Bridge to issue and manage stablecoins under the federal government’s supervisory framework. However, Bridge must meet additional requirements set by the OCC to obtain final authorization.
Unlike ordinary commercial banks, a national trust bank must focus exclusively on trust services and related activities. Taking deposits or making general loans is restricted.
Last December, the OCC also conditionally approved national trust bank applications from Circle, BitGo, and Ripple, among others.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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