Coinbase clears key regulatory hurdle in bid to bolster its stablecoin business

Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency to operate as a trust bank, the company said Thursday.

Coinbase clears key regulatory hurdle in bid to bolster its stablecoin business

TL;DR

  • Coinbase received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank.
  • This approval, if finalized, would allow Coinbase to operate payment products and other infrastructure under federal supervision.
  • Coinbase will not become a commercial bank, take retail deposits, or engage in fractional reserve banking.
  • A trust charter would provide legal authority, access to banking infrastructure, and regulatory credibility for more efficient money movement.
  • The company will be regulated directly by the OCC, moving from state-based regulation.
  • Coinbase's strategy includes making stablecoins like USDC a mainstream global payment method and developing crypto infrastructure in the U.S.