Stablecoin infrastructure firm moves closer to federal banking status, joining Circle and Ripple in regulated digital asset framework.
Bridge, the stablecoin infrastructure platform acquired by Stripe in 2024, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The February 12 approval positions the company to operate under direct federal oversight once final authorization is granted .
The conditional charter would authorize Bridge National Trust Bank to provide digital asset custody services, issue stablecoins, and manage stablecoin reserves within a federally regulated framework . Bridge applied for the charter in October 2024, with the OCC signing off on the preliminary approval approximately four months later .
Bridge’s compliance systems are structured to align with the GENIUS Act, the stablecoin regulatory framework signed into law in July 2025 . The company stated that the charter “will provide our customers the regulatory backbone they need to build with stablecoins confidently and at scale” .
The approval follows a December wave of similar conditional charters granted to Circle Internet Group, Ripple, Paxos Trust, BitGo, and Fidelity Digital Assets . Stripe acquired Bridge in October 2024 for approximately $1.1 billion as part of its expansion into blockchain-based payments infrastructure .
Bridge currently powers stablecoin issuance for products including Phantom’s CASH and MetaMask’s mUSD through Stripe’s Open Issuance platform . The company’s infrastructure enables enterprises to store, transfer, and accept stablecoins while offering real-time global payment capabilities .
The American Bankers Association has urged the OCC to slow the pace of charter approvals, arguing that regulatory responsibilities under the GENIUS Act remain unclear and that some applicants may be seeking to “choose a lighter regulatory touch while offering bank-like products” . The OCC has not announced a timeline for Bridge’s final approval .
White House officials continue discussions with crypto and banking industry representatives regarding stablecoin yield rules and broader digital asset legislation that could affect upcoming Senate votes .
Why this matters: The conditional approval represents a structural shift in how stablecoin infrastructure integrates with the U.S. banking system, establishing federally supervised channels for digital dollar operations. From a regulatory perspective, the move expands the set of entities capable of issuing stablecoins under national bank oversight rather than state-level frameworks, potentially altering compliance requirements and risk considerations for enterprise partners seeking regulated stablecoin services.
Sources: 金色財經 via 鉅亨網, Banking Dive, The Block, FinTech Futures, Reuters via CNA