- Stripe-backed Bridge has received conditional approval from the U.S. OCC to form a national trust bank.
- The approval will enable Bridge to offer regulated stablecoin services under Federal oversight.
- The stablecoins market has grown to more than $308 billion, catalyzed by the GENIUS Act.
Bridge has received a conditional approval from the Office of the Comptroller of the Currency (OCC) to take stablecoins mainstream. The Stripe-backed stablecoin infrastructure platform and developer-focused API company will join other crypto firms licensed to operate stablecoin services by the National Trust Bank under Federal oversight.
Bridge Gains OCC Approval to Democratize Stablecoins
According to the announcement, Bridge received a conditional green light from the OCC with a full approval in the pipeline to democratize stablecoin services. Once fully approved, Bridge will enable businesses to operate stablecoin products under direct supervision from the Federal government.
Notably, Bridge will be authorized to offer businesses legalized custody of digital assets, stablecoin reserve management, and issuance. Furthermore, the federal oversight of stablecoins has been empowered through the ongoing implementation of the GENIUS Act.
“This approval positions Bridge to help enterprises, fintechs, crypto businesses, and financial institutions build with digital dollars inside a clear federal framework. Our compliance framework already positions Bridge to be GENIUS ready,” Bridge noted.
Bridge has been operating under Stripe since its $1.1 billion acquisition, finalized earlier last year. As such, Stripe has expanded into the stablecoins market through easy-to-use APIs for mainstream integrations.
Under the new charter, Bridge can scale its stablecoin operations throughout the United States with a single license.
What’s the Expected Market Impact?
The entrance of Bridge to the stablecoins market under the GENIUS Act will have a profound impact on the digital assets space. Furthermore, Bridge will be joining other crypto firms such as Circle Internet, Ripple Labs, Paxos, BitGo, and Fidelity Digital Assets in operating national trust banks in the United States.
As such, the stablecoin market is well-positioned to grow exponentially among mainstream daily users. Moreover, stablecoins are cheaper for daily payments and operate throughout the year through the blockchain.
According to market data from CoinGecko, the stablecoin supply has surged to hover around $308 billion at press time. The integration of stablecoin payments with traditional financial systems will further boost the overall crypto liquidity.
As such, the crypto market will heavily benefit from the entrance of Bridge into the national trust banking sector. Moreover, Bridge supports hundreds of teams building stablecoin payments led by Payoneer, Phantom wallet, and Chipper Cash.
Related: Bessent Pushes CLARITY Act as Stablecoin Talks Show Progress
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