Coinbase Secures National Trust Charter to Scale Institutional Custody and Settlements

Coinbase has transitioned from a state-regulated entity to a federally chartered fiduciary, securing an unconditional national trust charter from the Office of the Comptroller of the Currency (OCC). The approval, announced Monday, marks the culmination of a process that began with an application in October 2025. By securing this status, Coinbase National Trust Co. joins a select group of crypto-native firms, including Ripple, Circle, and BitGo, that operate under the OCC’s federal framework. This move signals a shift in the company's strategy to prioritize a consistent national regulatory environment over the patchwork of state-level licenses it has historically relied upon.

The national trust charter provides Coinbase with the legal authority to conduct digital asset custody, settlement services, and the management of stablecoin reserves. Rick Schonberg, the CEO of the new trust entity and Coinbase’s head of trading and custody, told Banking Dive that the charter will allow the firm to operate under a federal framework while building on the foundation it established with the New York Department of Financial Services (NYDFS). While Coinbase has held a New York limited-purpose trust charter, Schonberg noted that a federal charter is more practical for the company’s ten-year growth projections.

From a venture and market perspective, the charter represents a significant de-risking of Coinbase’s institutional business. The company is moving to capture the “money moving money” segment of the crypto economy by positioning itself as a primary fiduciary for institutional capital. Schonberg, a veteran of JPMorgan Chase and Goldman Sachs, emphasized that federal oversight is “encouraging” rather than a burden, suggesting that increased regulatory scrutiny will enhance the security of client assets. This institutional-first approach is designed to attract capital that requires the safety of a federally regulated custodian.

The timing of the approval coincides with a shifting regulatory landscape in Washington, though Coinbase executives maintain the company is “administration-agnostic.” Although the second Trump administration has introduced crypto-friendly policies, Schonberg clarified that the charter plans date back to 2024, well before the recent political shift. This long-term regulatory play follows years of friction between Coinbase and federal authorities, including a 2023 securities enforcement action that has since been withdrawn. CEO Brian Armstrong has consistently argued that clear federal guidelines are necessary for the industry’s maturation.

Looking ahead, Coinbase National Trust Co. plans to debut with its core custodial offering before expanding into other variations of the model. The ability to manage stablecoin reserves under an OCC charter is particularly notable, as it places Coinbase in direct competition with traditional banking institutions for the lucrative business of backing digital currencies. By moving these activities into a national trust, Coinbase is effectively evolving from a high-velocity retail exchange into a sophisticated financial infrastructure provider, capable of handling the settlement and storage of assets with the same regulatory standing as a traditional trust bank.