Stripe's Bridge Applies for National Trust Charter
Bridge, a stablecoin firm acquired by Stripe, has applied for a national bank trust charter with the Office of the Comptroller of the Currency (OCC), according to co-founder Zach Abrams.
This move follows a growing trend of crypto-native firms, including Coinbase, Circle, Ripple, and Paxos, which have also applied for an OCC charter this year.
- Circle
- Paxos
- Ripple
- Coinbase
The application comes after the Senate passed the Genius Act in June, establishing a federal regulatory framework for stablecoins.
The Genius Act established a federal regulatory framework for stablecoins.
A trust charter would not allow Bridge to lend or take insured deposits, unlike a traditional bank charter.
Author's summary: Stripe's Bridge applies for a national trust charter.