Virtual asset companies accelerate their entry into banking in the US

Uk Jin

Summary

It was reported that in the US, virtual asset companies are accelerating their entry into the banking business by applying for a national trust bank charter with the Office of the Comptroller of the Currency (OCC).
If the charter is approved, it will be possible to secure trustworthiness, such as directly holding stablecoin reserves through a Federal Reserve master account.
It is expected that US federal Congress will vote on virtual asset-related bills this week, which may further institutionalize the market.

Attention is focusing on whether virtual asset (cryptocurrency) companies will enter the banking business in the United States.

On the 13th (local time), the Financial Times reported that, under the Donald Trump administration, the entry of the virtual asset industry into the US financial system is expanding.

So far, among the virtual asset companies that have applied to the Office of the Comptroller of the Currency (OCC), a US federal authority, for a national trust bank charter are Ripple Labs, the issuer of XRP; Circle, a stablecoin issuer; and BitGo, a digital asset custodian.

A national trust bank is allowed to hold assets or perform payment processing but cannot offer loans or directly accept deposits.

Brad Garlinghouse, CEO of Ripple, announced the bank charter application in a post on X (formerly Twitter) on the 2nd, stating, "This represents a new and unique standard for trustworthiness in the stablecoin market," and added, "We have also applied for a master account at the central bank, the Federal Reserve (Fed)." If approved, the application will enable stablecoin (a virtual asset linked to fiat currency in value) reserves to be held directly with the Fed.

Max Bonici, a partner at Davis Wright Tremaine, said, "We're in a situation that's totally different from the days when many virtual asset companies said, 'We don't need banks. We don't need laws. We're above everything.' Now, they're asking to be regulated."

Meanwhile, the US Congress plans to hold votes on multiple virtual asset-related bills this week. The House of Representatives has designated this week as 'Crypto Week' and announced that floor votes will be held on the Digital Asset Market Clarity Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), among others.

The outlet assessed, "Virtual asset companies are seeking to expand their business beyond simply providing digital asset services, and their confidence comes from the Trump administration's open attitude toward digital assets."

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