Stripe’s Bridge Applies for National Trust Bank Charter
Stripe’s stablecoin subsidiary, Bridge, has applied to the Office of the Comptroller of the Currency (OCC) to form a national trust bank. This step is key to creating a secure and compliant base for Bridge’s growing stablecoin business. It supports the launch of Bridge’s new “Stablecoin-as-a-Service” platform, Open Issuance.
New Stablecoin Service and Regulatory Goals
Open Issuance allows businesses to mint and burn tokens freely. It also lets them define the makeup of their reserves.
Zach Abrams, Bridge’s co-founder and CEO, said on X, “We’ve long believed stablecoins will be a core, regulated financial building block. This regulatory infrastructure will enable us to tokenize trillions of dollars and make this future possible.”
He added, “Through this bank, we’ll provide custody, stablecoin issuance, management of stablecoin reserves, and more.”
Regulatory Compliance and Expansion Plans
The application includes a national trust charter with the OCC and a trust license with the New York State Department of Financial Services (NYDFS). This shows Stripe’s commitment to operating within a regulated framework.
A trust charter would allow Bridge to custody client assets and meet oversight requirements for a major stablecoin issuer. It aligns with new laws like the GENIUS Act.
Stripe bought Bridge in 2024 for $1.1 billion. Bridge has launched stablecoin financial accounts in over 100 countries. It also partnered with Visa to let users spend stablecoin balances through a card network.
