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.
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
According to co-founder Zach Abrams, Bridge expands a list of companies lining up for chartering under the months-old Genius Act.
The Genius Act, passed by the Senate in June, established a federal regulatory framework for stablecoins. A trust charter would not allow Bridge to lend or take insured deposits, differing from a traditional bank charter.
Author's summary: Stripe's Bridge applies for a national trust charter.