Coinbase has received approval from the U.S. Office of the Comptroller of the Currency to operate as a federally chartered national trust bank.

Coinbase has received final approval from the U.S. Office of the Comptroller of the Currency to operate as a federally chartered national trust bank, primarily engaged in the custody of institutional digital assets. This agency is prohibited from accepting retail deposits, issuing stablecoins, or providing traditional loans. Coinbase plans to gradually transfer its existing custody operations to this federal entity over the next three years.