Cryptocurrency firms race to gain a foothold in U.S. banking amid loosening policies

Cryptocurrency firms like Ripple, Circle, and BitGo are aggressively pursuing U.S. banking integration by applying for national trust bank licenses, aiming to offer services like asset custody and payments amid a more favorable regulatory environment under the Trump administration.
Kraken plans to launch debit/credit cards by month-end, while Circle highlights that securing an OCC trust charter would help bridge digital assets with traditional finance, following Anchorage Digital’s precedent as the only crypto firm with such a charter.
Stablecoins, backed by Trump’s support, are gaining traction for cross-border payments and trading, with proposed legislation (Genius Act) potentially tying them to U.S. Treasuries and restricting issuance to regulated entities.
Fintech firms like Robinhood and Revolut are expanding into crypto-linked banking services, with Robinhood targeting a fall launch for partial banking, while Revolut eyes a U.S. banking license long-term.
Major banks, including Bank of America, may issue their own stablecoins post-regulation, though some crypto firms (e.g., Kraken) opt for partnerships over formal charters, prioritizing flexibility over traditional banking roles.
The shift reflects crypto’s pivot from anti-bank rhetoric to seeking regulation, driven by the need for systemic integration and market expansion.

Authors: Nikou Asgari, Akila Quinio, Joshua Franklin

Compiled by: Block unicorn

 New York-based Circle said obtaining a national bank trust charter would be an “important step” in integrating digital assets into the broader financial system;

 Image credit: Michael Nagle/Bloomberg

Cryptocurrency companies are racing to make inroads into traditional U.S. banking as they look to take advantage of a friendlier regulatory environment under President Donald Trump and become more integrated into the financial system.

Crypto payments group Ripple, stablecoin firm Circle and custodian BitGo have applied for national trust bank licenses that would allow them to offer some banking services, while crypto exchange Kraken plans to launch a bank card next month.

“It’s a natural convergence,” Kraken co-CEO Arjun Sethi told the Financial Times, adding that the company plans to launch debit and credit cards around the end of this month.

The moves highlight how cryptocurrency firms are seeking to expand their businesses beyond offering digital asset services. Industry executives have gained confidence due to the Trump White House’s openness to digital assets, while his predecessor, Joe Biden, was seen as hostile to the industry.

 Crypto exchange Kraken co-CEO Arjun Sethi plans to launch debit and credit cards by the end of the month;

 Image credit: Ramsey Cardy/Sportsfile/Getty Images

New York-based Circle said obtaining a national bank trust charter from the Office of the Comptroller of the Currency (OCC), which oversees financial institutions, would be an “important step” in integrating digital assets into the broader financial system. Anchorage Digital is the only cryptocurrency company with a national bank charter.

“This is the exact opposite of the original philosophy of a lot of crypto companies, which was, ‘We don’t need banks, we don’t need laws, we’re above everything,’ ” said Max Bonici, a partner at the law firm Davis Wright Tremaine. “Now they’re saying, ‘Please regulate us.’ ”

While national trust banks can custody assets and process payments, they cannot make loans or directly accept customer deposits. Obtaining national trust status would eliminate the need for the company to obtain individual licenses from each state and improve its access to the financial system.

Cryptocurrency firms are accelerating their entry into the banking industry ahead of discussions in Washington about stablecoin legislation that would bring stablecoins — which backers say can function like currencies — closer to the traditional financial system.

“This really opens up U.S. financial markets and essentially allows stablecoins to emerge,” said Adam Chernichaw, a partner at Pillsbury.

Stablecoins track the price of national currencies such as the dollar and have become increasingly mainstream, with strong support from Trump and his administration. Traders use them to trade between sovereign currencies and cryptocurrencies, while others use them for cross-border payments.

The proposed Genius Act would increase regulation of stablecoins and tie them more closely to U.S. Treasuries, which are used to back stablecoins pegged to the U.S. dollar. Only regulated banks and some non-bank groups with OCC charters would be able to issue stablecoins.

Ripple CEO Brad Garlinghouse said the company has also applied for a master account with the Federal Reserve, which will allow it to hold stablecoin reserves directly with the central bank.

Digital banking and cryptocurrencies are increasingly linked, with fintech companies increasingly seeking to tap into the fast-growing crypto assets to attract U.S. customers.

 Vlad Tenev, Robinhood’s chief executive, said the company plans to launch a banking service in the fall;

 Photo credit: Chris Ratcliffe/Bloomberg

Retail brokerage Robinhood, which generated more than half of its trading revenue from cryptocurrencies last year, plans to launch partial banking services in the fall.

“We should be able to take care of all your financial needs,” CEO Vlad Tenev told the Financial Times. “So you don’t have to worry about taxes, estate planning, and transferring money.”

London-based neobank Revolut also derives a large portion of its revenue from cryptocurrency trading, with the long-term goal of obtaining a U.S. banking license, while Klarna CEO Sebastian Siemiatkowski plans to add cryptocurrencies to the consumer lending company’s products.

Meanwhile, major banks including Bank of America are looking to issue their own stablecoins once U.S. regulation is finalized.

“This administration has indicated they are going to open up charter applications in a way that previous administrations have not,” said David Portilla, a partner in Davis Polk’s financial services group.

But not all cryptocurrency companies diversifying into traditional consumer banking see the need to apply for a banking charter. Kraken, a crypto exchange with a Wyoming license, is launching its new app without the need for a charter or a master trust.

“We don’t want to be a bank that provides mortgages. We just want to work with partners who can provide the best service,” Sethi said.