Coinbase has received final approval from the United States Office of the Comptroller of the Currency (OCC) to charter Coinbase National Trust Company, moving its institutional crypto custody business under a single federal regulator.

The company announced the decision on Monday 9 November, saying the OCC had approved its application the previous Friday. OCC records list the charter as effective on 6 November 2026.

The approval completes a process that began when Coinbase applied for the charter in October 2025. The OCC granted conditional approval on 2 April 2026, setting out the conditions Coinbase had to meet before the trust company could open.

What the charter changes

Coinbase National Trust Company is a federally chartered trust company. It will hold digital assets for clients as a fiduciary custodian, mainly for institutions, under direct federal supervision, rather than under the patchwork of state licences the company has relied on until now.

Coinbase said the charter lets it expand its custody business under a federal regulatory framework and bring more of its market infrastructure under the same oversight. The company reported $245.7 billion in custody assets as of 30 June 2025.

The trust company will take over Coinbase's existing New York-regulated custody business over three years. Its New York trust charter and BitLicense remain in place in the meantime.

Not a bank

The charter does not turn Coinbase into a conventional bank. The trust company cannot take retail deposits or make loans, and client cash held for customers sits in accounts at outside banks rather than on the trust company's own balance sheet.

The OCC's April decision also records that Coinbase did not propose issuing stablecoins under the approved business plan. Any change to that plan would need the regulator's approval.

To open, the trust company must hold at least $60 million in Tier 1 capital during its first three years, along with liquid assets covering 180 days of operating expenses.

Part of a wider charter wave

Coinbase is the third large crypto firm to complete the OCC's trust charter process this year. Circle received final approval in July 2026 and Ripple followed in October.

The process is not without challenge. The Independent Community Bankers of America sued the OCC on 2 October, arguing the agency exceeded its authority in granting trust charters to crypto firms. Coinbase's announcement did not mention the case.

Coinbase vice chairman Ryan VanGrack said the approval put more of the business behind its commitment to clear rules and rigorous oversight.

PNC payments deal

The charter news came alongside a separate payments announcement. PNC Bank will let eligible corporate clients receive payments in USDC through Coinbase, with the funds converted into dollars automatically.

The two developments together deepen Coinbase's ties to traditional finance: a federally supervised custody business on one side and a route for companies to accept stablecoin payments on the other.

Coinbase shares are listed on the Nasdaq. The company reported third-quarter revenue of $1.22 billion last week, down 35% from a year earlier as crypto trading volumes cooled.