Coinbase Applies for National Banking License

Coinbase has become the latest digital asset firm to apply to the Office of the Comptroller of the Currency (OCC) for a national trust charter.

While Coinbase is already regulated by the New York Department of Financial Services through its state-chartered trust, obtaining a federal trust charter would enable the company to expand its services, especially in custody, payments, and tokenized securities.

Coinbase has emphasized that it does not intend to become a bank, but plans to use the license to offer a wider range of products and services, as well as to continue innovating ways to integrate digital assets into traditional financial systems.

The license allows non-bank companies to manage their own reserves and take custody of assets on behalf of institutional clients. Coinbase noted that having clear rules, along with the trust of both regulators and customers, gives the company the confidence to innovate while maintaining proper oversight and security measures.

If granted, the national trust charter would create further opportunities for Coinbase to introduce new offerings beyond custody, including payment solutions and related services, under the assurance of regulatory clarity.

The move also reflects Coinbase’s long-term goal of becoming the “Everything Exchange,”  a comprehensive platform for digital asset trading, prediction markets, tokenized equities, and decentralized finance tools.

This development highlights a trend of crypto firms moving beyond exchanges and payment networks to offer services traditionally provided by banks, such as custody, payments, and tokenized assets.

For example, Paxos Trust Company, the firm behind PayPal’s stablecoin, applied for a US National Trust bank charter, following similar moves by Ripple and Circle.