In brief
- Bridge, Stripe’s stablecoin arm, has applied to the OCC to form a national trust bank under the GENIUS Act.
- The charter would place its stablecoin issuance and reserves under a unified federal framework.
- Bridge joins Circle, Paxos, Ripple, and Coinbase in seeking federal trust bank approval.
Bridge, the stablecoin infrastructure arm of Stripe, has submitted an application to the Office of the Comptroller of the Currency to organize a national trust bank as competition in the sector continues at a steady pace.
Once approved, the charter would allow Bridge “to operate under a unified federal framework consistent with the GENIUS Act,” co-founder Zack Abrams stated on X.
The proposed Bridge National Trust Bank would enable Stripe to issue, redeem, and custody stablecoins within a federally regulated framework, instead of going through state-level money-transmitter licenses.
Such a regulatory infrastructure would enable Bridge “to tokenize trillions of dollars,” Abrams added.
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Author: Vince Dioquino
