Bridge Secures OCC Trust Charter, Puts Pressure on Circle’s Stablecoin Business
Stripe-owned Bridge obtained conditional OCC approval for a national trust banking charter, enabling custody of digital assets, issuance of stablecoins and reserve management upon full approval. Circle received conditional trust bank approval in December and now faces increased competition as Bridge pursues similar regulatory credentials.
1. Bridge Granted Conditional OCC Trust Charter
Bridge secured conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, which will allow the firm to custody digital assets, issue stablecoins and manage stablecoin reserves once full approval is granted.
2. Competitive Dynamics in Stablecoin Market
This OCC approval makes Bridge, now part of Stripe, a direct rival to Circle, which obtained its own conditional trust charter in December, heightening competition for regulated stablecoin issuance and custody services.
3. Regulatory Timeline and Industry Response
Bridge filed its trust bank application in October following the OCC’s reaffirmation of banks’ authority over crypto assets; final approval timing remains unclear as traditional banking lobby groups push for rigorous safety and soundness standards.