Coinbase won a federal charter for Coinbase National Trust Company on Nov. 6, 2026. The charter puts custody of institutional clients’ digital assets under supervision by the Office of the Comptroller of the Currency (OCC) and leaves retail accounts outside its scope. The trust must hold at least $60 million in core capital and enough liquid assets to cover 180 days of operating expenses during its first three years.
Coinbase applied in October 2025 and received preliminary approval in April 2026, according to the OCC’s licensing record. The company already holds clients’ assets through a New York-regulated trust company. It plans to move that custody business to the national trust over three years.
The OCC’s preliminary approval letter permits the national trust to hold assets as a fiduciary, which requires it to act on clients’ behalf. Coinbase’s application describes separate custody accounts for institutional clients. Clients may access staking, financing and trading through other Coinbase companies. The trust will act as an intermediary for those services.
The charter does not authorize the trust to take ordinary retail deposits, make loans or issue stablecoins. Coinbase would need a separate application for access to Federal Reserve payment systems. Institutional clients gain a federally supervised custody option; individual Coinbase customers do not gain a bank account for their coins or cash.
Other crypto firms have sought similar charters for different businesses. Circle, the company behind the USDC stablecoin, received OCC approval in July for a trust that will initially provide custody for Circle and its affiliates. Circle’s announcement says its trust may manage USDC reserves in the future but will not offer that service when it opens. Circle CEO Jeremy Allaire described the company’s view of federal supervision:
Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.
Jeremy Allaire, Circle CEO
Banking groups have challenged the OCC’s approach. The Independent Community Bankers of America urged the regulator to reject Coinbase’s application over its risk controls and has sued the OCC over crypto trust charters. Sen. Elizabeth Warren has argued that the approvals are illegal. Coinbase’s charter is in effect while that dispute continues.
