Coinbase has received final federal approval for a national trust company that will hold digital assets for institutional clients. The charter brings its custody business under a federal framework, but leaves deposit-taking, lending and stablecoin issuance outside its authority.
Federal approval completes the charter process
The Office of the Comptroller of the Currency has granted Coinbase National Trust Company a full national trust bank charter, completing a process that began with an application in October 2025, according to Bitcoin Magazine. The outlet reported that the OCC approved the application on Nov. 6, after giving it preliminary approval on April 2.
CoinDesk also reported that the regulator had moved Coinbase from conditional approval to a full charter, citing the company. The change places the institutional custody business under direct federal supervision, according to Bitcoin Magazine.
A trust charter gives the company a framework for holding assets on behalf of clients in a fiduciary capacity. It is distinct from the authority of a commercial bank, and its scope matters when assessing which services the new entity can offer.
Custody moves beyond the existing New York framework
Decrypt reported that Coinbase has offered regulated custody since 2018, when New York's Department of Financial Services granted Coinbase Custody Trust Company a limited-purpose trust charter. Coinbase says the national entity builds on that operation and brings its trust activities into a federal framework.
Bitcoin Magazine reported that Coinbase intends to move its existing custody operations into the national trust company across a three-year period. That transition is separate from the approval itself: the charter establishes the new structure, while the planned migration concerns the business already operating under New York oversight.
Coinbase said the charter would support an expansion of its institutional custody business, Decrypt reported. The company did not disclose a financial impact from the approval in its announcement, according to Bitcoin Magazine.
Capital requirements and limits on the trust
The national trust company may hold client assets as a fiduciary, but it cannot accept ordinary retail deposits, make loans or issue stablecoins under the charter, Bitcoin Magazine reported. Those restrictions distinguish custody authority from a broader banking license.
According to Bitcoin Magazine, the trust must hold at least $60 million in Tier 1 capital and, for its first three years, enough liquid assets to pay operating costs for 180 days. The charter also does not itself provide access to Federal Reserve payment systems, which would require a separate application.
Cointelegraph reported that Coinbase's application described segregated custody accounts for institutional clients. Staking, financing and trading would be available through other Coinbase entities rather than performed directly by the trust, an arrangement also described by Bitcoin Magazine.
What the accounts add to the approval
The reports agree that Coinbase has moved beyond preliminary approval, but they emphasize different parts of the business. CoinDesk's account centers on the change in charter status, while Decrypt traces the custody operation back to its New York authorization and reports Coinbase's stated expansion plans.
Cointelegraph adds details from the application about proposed client services. It reported that Coinbase was considering payment products using digital assets, as well as custody services allowing clients to interact with select smart contracts; those plans should not be confused with services the outlet reported as already operating.
Bitcoin Magazine provides the capital and liquidity conditions, the restrictions on the trust and the proposed migration period. Together, those details distinguish the legal approval from the operational steps and separate authorizations that may still matter to customers.
Crypto trust charters draw scrutiny from banks
Coinbase joins Circle and Ripple among crypto firms that have received final OCC trust approvals, according to Decrypt. The outlet reported that Circle's trust bank would manage reserves behind USDC, while Ripple's approval concerned a trust bank associated with RLUSD.
The businesses described in those approvals are not identical to Coinbase's custody focus. Comparing the charters therefore requires attention to each entity's permitted activities rather than treating federal trust status as a blanket authorization for every crypto service.
Decrypt reported that Senator Elizabeth Warren has challenged the legality of the OCC's charter approvals for crypto firms, Coinbase among them. It also reported that the Independent Community Bankers of America sued the regulator to challenge crypto firms' entry into banking. Bitcoin Magazine separately reported that the group had urged the OCC to reject Coinbase's application.
The custody transition and future permissions
For institutional clients, the transition raises a practical distinction between custody held by the national trust and services provided by Coinbase affiliates. The reported structure gives clients a basis to check which entity holds their assets and which entity provides any staking, financing or trading service.
The progress of the planned three-year migration will be an important development to follow. So will any separate application for Federal Reserve payment system access and any further detail on the payment and smart-contract services described in Coinbase's application.
The legal challenge reported by Decrypt and the objections described by Bitcoin Magazine also remain relevant to the wider charter debate. Their eventual effect on the regulatory framework is an open matter, not a consequence established by the approval.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Bitcoin (BTC) | $74,956 | -1.4% | -3.9% | $1.51 trillion |
| XRP (XRP) | $1.10 | -5.0% | -12.2% | $69.91 billion |
| World Liberty Financial (WLFI) | $0.04780814 | +2.1% | -5.4% | $1.52 billion |
CoinGecko data as of 2026-11-09 (UTC).
FAQ
What does Coinbase's national trust charter allow it to do?
The charter allows Coinbase National Trust Company to hold digital assets for clients as a fiduciary under a federal framework. According to Cointelegraph, Coinbase intends to provide segregated custody accounts to its institutional clients.
Can Coinbase's national trust take deposits or issue stablecoins?
Bitcoin Magazine reported that the trust cannot accept ordinary retail deposits, make loans or issue stablecoins under the charter. Access to Federal Reserve payment systems would require a separate application.
What happens to Coinbase's existing custody business?
Coinbase plans to move the business operated by its New York-regulated trust company to the national entity over three years, according to Bitcoin Magazine. Decrypt reported that the existing company received its New York limited-purpose trust charter in 2018.
Sources
- Bitcoin Magazine: Coinbase Wins Full Federal Trust Charter From OCC (2026-11-09)
- Decrypt: Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter (2026-11-09)
- Cointelegraph: Coinbase’s US national trust bank charter takes effect (2026-11-09)
- CoinDesk: Coinbase gets full U.S. trust charter from federal banking regulator (2026-11-09)
- CoinGecko (market data)
Written by the Coinvote news desk from reporting by Bitcoin Magazine, Decrypt, Cointelegraph and CoinDesk. Not financial advice.
