tech
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.
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.