Crypto
Coinbase Receives Full OCC National Trust Bank Charter
The U.S. Office of the Comptroller of the Currency granted final approval for Coinbase National Trust Company, with the charter becoming effective around November 6, 2026 (announced publicly shortly thereafter). This upgrades an earlier conditional approval and places Coinbase’s institutional custody business under a unified federal framework.
The national trust charter allows the entity to hold digital assets as a fiduciary for clients (primarily institutional) but does not authorize deposit-taking, lending, or stablecoin issuance. Coinbase plans a multi-year migration of its existing New York-regulated custody operations. Conditions include minimum Tier 1 capital requirements and liquidity buffers. The move aligns with a broader trend of crypto firms seeking federal trust charters under evolving U.S. rules, providing clearer oversight and potentially greater institutional confidence.
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A consortium of roughly 21 global banks and financial institutions (including Goldman Sachs, Citigroup, Santander, Deutsche Bank, Bank of America, Wells Fargo, UBS, and others) has committed approximately $270 million to Project Faro, a planned U.S.-incorporated dollar stablecoin issuer. The capital is intended to cover roughly five years of operating costs; the project targets a first-half 2027 launch, with a euro version among later priorities.
The initiative aims to compete with crypto-native stablecoins (USDT and USDC still dominate supply) across wholesale, institutional, and retail use cases under frameworks such as the GENIUS Act and MiCA. It remains pre-launch (no named CEO or final product name in latest reports). The move highlights traditional finance’s accelerating push into stablecoin infrastructure.
Sources: Bloomberg Law, Cointelegraph, American Banker.
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