Tracker·Updated Aug 24, 2026

The US Crypto Banking Map

Name: The US Crypto Banking Map: every crypto OCC charter and Fed master account (updated August 2026)
Creator: Meridial

31 firms in the US crypto banking pipeline: 7 open, 10 conditionally approved, 11 pending. 1 holds a Federal Reserve master account.

Open

banks operating

Final approval

approved, not yet open

Conditional approval

in buildout

Pending

awaiting decision

Updated August 24, 2026Source: OCC digital-assets licensing applications

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The funnel

N = 31 entities

Where the 31 firms stand

11 await a decision, 10 hold conditional approval, and 7 are open and operating. Exits stay on the map.

Pendingawaiting decision

Conditional approvalin buildout

Final approvalapproved, not open

Openoperating banks

Withdrawn or lapsedexits retained

OCC · snapshot 2026-08-24

Two waves

N = 38 charter applications

Applications by year

After the 2020 to 2021 wave died, the pipeline went silent for three full years. The second wave opened in 2025, with GENIUS in force since July 18, 2025, and is already 31 applications deep.

2020wave one

2021wave one

2022wave two

2023wave two

2024wave two

2025wave two

2026wave two

OCC · snapshot 2026-08-24

The second gate

N = 11 master-account requests

The Fed master account

A charter is one gate; the Fed account is the harder one. Of 11 crypto banks that sought one, 1 holds it: Kraken Financial, approved January 2026.

Approved

Pending

Rejected

Withdrawn

Federal Reserve · snapshot 2026-08-24

The analysis

4 more cuts, computed live from this register

The clocks and the watchlists: how long a decision takes, the banks opening next, who has waited longest, and the wave-one postmortem. Free behind one form, recomputed weekly.

Days to decisionOpening nextThe waiting roomWave one, five years on

Open the insights

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31 / 31 companies

Digital-asset companies seeking or holding a US national bank or trust charter
Company	Charter type	Wave	First filed	Status	Status date
Anchorage DigitalAnchorage Digital (Anchor Labs, Inc.) Infrastructure & custody · Crypto-native	Conversion (other to national)	First wave	2020-11-09	Open	2021-01-19
PaxosPaxos Global, Inc. Stablecoin & token issuer · Crypto-native	Conversion (other to national)	Both waves	2020-12-08	Open	2025-12-12
BitGoBitGo Holdings, Inc. (NYSE: BTGO) Infrastructure & custody · Crypto-native	Conversion (other to national)	Both waves	2021-01-15	Open	2025-12-12
Fidelity Digital AssetsFidelity Investments (FMR LLC) Infrastructure & custody · TradFi	Conversion (other to national)	Second wave	2025-06-10	Open	2025-12-12
Erebor BankErebor Bank (independent, venture-backed; Founders Fund, Palmer Luckey, 8VC) Bank · Crypto-native	Full-bank de novo	Second wave	2025-06-12	Open	2026-02-06
CircleCircle Internet Group, Inc. (NYSE: CRCL) Stablecoin & token issuer · Crypto-native	Trust de novo	Second wave	2025-06-30	Open	2026-07-10
United Texas BankUTB Financial Holdings, Inc. (privately held, Dallas TX) Bank · TradFi	Conversion (state to national)	Second wave	2025-11-12	Open	2026-06-12
National Digital Trust Company (Protego)Protego Holdings Corporation Infrastructure & custody · Crypto-native	Trust de novo	Both waves	2020-12-07	Conditional approval	2026-02-13
RippleRipple Labs Inc. Crypto-native platform · Crypto-native	Trust de novo	Second wave	2025-07-02	Conditional approval	2025-12-12
CoinbaseCoinbase Global, Inc. Crypto-native platform · Crypto-native	Trust de novo	Second wave	2025-10-03	Conditional approval	2026-04-02
SonySony Financial Group Incorporated (direct parent Sony Bank Incorporated; Sony Group retains under 20% after the Oct 2025 spin-off) Stablecoin & token issuer · TradFi	Trust de novo	Second wave	2025-10-07	Conditional approval	2026-07-02
BridgeStripe Stablecoin & token issuer · TradFi	Trust de novo	Second wave	2025-10-15	Conditional approval	2026-02-12
Crypto.comCrypto.com (Foris group) Crypto-native platform · Crypto-native	Trust de novo	Second wave	2025-10-23	Conditional approval	2026-02-20
AugustusAugustus (formerly Ivy); independent VC-backed group (corporate entity Ivy GmbH) Payments & fintech · TradFi	Full-bank de novo	Second wave	2025-12-18	Conditional approval	2026-05-08
World Liberty FinancialWorld Liberty Financial (WLTC Holdings LLC; Trump and Witkoff families) Stablecoin & token issuer · Crypto-native	Trust de novo	Second wave	2026-01-06	Conditional approval	2026-08-14
Laser DigitalNomura (Nomura Holdings) Infrastructure & custody · TradFi	Trust de novo	Second wave	2026-01-27	Conditional approval	2026-05-29
Morgan Stanley Bank · TradFi	Trust de novo	Second wave	2026-02-18	Conditional approval	2026-06-18
PayoneerPayoneer Global Inc. (NASDAQ: PAYO) Payments & fintech · TradFi	Trust de novo	Second wave	2026-02-23	Pending	2026-02-23
Zero HashZero Hash (Zero Hash Holdings Ltd / Zero Hash US LLC) Infrastructure & custody · Crypto-native	Trust de novo	Second wave	2026-03-02	Pending	2026-08-19
RevolutRevolut (Revolut Group Holdings Ltd, London) Payments & fintech · TradFi	Full-bank de novo	Second wave	2026-03-04	Pending	2026-03-04
EDX MarketsEDX Markets Holding Company, Inc. (independent; consortium-backed) Crypto-native platform · Crypto-native	Trust de novo	Second wave	2026-03-26	Pending	2026-03-26
BastionBastion Platforms Inc. (independent; backed by Coinbase Ventures, a16z crypto, Sony Innovation Fund, Samsung Next, Hashed) Infrastructure & custody · Crypto-native	Conversion (other to national)	Second wave	2026-03-30	Pending	2026-03-30
OpenReserve BankOpenReserve Holdings Inc. (Wilmington, DE) Bank · TradFi	Full-bank de novo	Second wave	2026-04-13	Pending	2026-04-13
AgoraAgora (Agora Finance; independent, Paradigm- and Dragonfly-backed) Stablecoin & token issuer · Crypto-native	Trust de novo	Second wave	2026-04-27	Pending	2026-04-27
KrakenPayward, Inc. (Kraken) Crypto-native platform · Crypto-native	Trust de novo	Second wave	2026-05-08	Pending	2026-05-08
Catena LabsCatena Labs, Inc. (independent; a16z crypto-backed) Infrastructure & custody · Crypto-native	Trust de novo	Second wave	2026-05-18	Pending	2026-05-18
CBW BankCBW Bank (independent; owned by Suresh Ramamurthi and Suchitra Padmanabhan since 2009; affiliated BaaS platform Yantra) Bank · TradFi	Conversion (state to national)	Second wave	2026-06-26	Pending	2026-06-26
Dakota Payments & fintech · Crypto-native	Trust de novo	Second wave	2026-07-28	Pending	2026-07-28
FigureFigure Technology Solutions, Inc. (Nasdaq: FIGR; formerly Figure Technologies) Crypto-native platform · Crypto-native	Full-bank de novo	First wave	2020-11-06	Withdrawn	2023-07-31
BitPayBitPay, Inc. Payments & fintech · Crypto-native	Trust de novo	First wave	2020-12-07	Withdrawn	2021-11-30
MetallicusMetallicus, Inc. Crypto-native platform · Crypto-native	Full-bank de novo	First wave	2021-02-03	Withdrawn	2021-04-15

Anchorage Digital
Infrastructure & custody · Crypto-native · United States
Open
Conversion (other to national)First wave2021-01-19
Paxos
Stablecoin & token issuer · Crypto-native · United States
Open
Conversion (other to national)Both waves2025-12-12
BitGo
Infrastructure & custody · Crypto-native · United States
Open
Conversion (other to national)Both waves2025-12-12
Fidelity Digital Assets
Infrastructure & custody · TradFi · United States
Open
Conversion (other to national)Second wave2025-12-12
Erebor Bank
Bank · Crypto-native · United States
Open
Full-bank de novoSecond wave2026-02-06
Circle
Stablecoin & token issuer · Crypto-native · United States
Open
Trust de novoSecond wave2026-07-10
United Texas Bank
Bank · TradFi · United States
Open
Conversion (state to national)Second wave2026-06-12
National Digital Trust Company (Protego)
Infrastructure & custody · Crypto-native · United States
Conditional approval
Trust de novoBoth waves2026-02-13
Ripple
Crypto-native platform · Crypto-native · United States
Conditional approval
Trust de novoSecond wave2025-12-12
Coinbase
Crypto-native platform · Crypto-native · United States
Conditional approval
Trust de novoSecond wave2026-04-02
Sony
Stablecoin & token issuer · TradFi · Japan
Conditional approval
Trust de novoSecond wave2026-07-02
Bridge
Stablecoin & token issuer · TradFi · United States
Conditional approval
Trust de novoSecond wave2026-02-12
Crypto.com
Crypto-native platform · Crypto-native · Singapore
Conditional approval
Trust de novoSecond wave2026-02-20
Augustus
Payments & fintech · TradFi · Germany
Conditional approval
Full-bank de novoSecond wave2026-05-08
World Liberty Financial
Stablecoin & token issuer · Crypto-native · United States
Conditional approval
Trust de novoSecond wave2026-08-14
Laser Digital
Infrastructure & custody · TradFi · Switzerland
Conditional approval
Trust de novoSecond wave2026-05-29
Morgan Stanley
Bank · TradFi · United States
Conditional approval
Trust de novoSecond wave2026-06-18
Payoneer
Payments & fintech · TradFi · United States
Pending
Trust de novoSecond wave2026-02-23
Zero Hash
Infrastructure & custody · Crypto-native · United States
Pending
Trust de novoSecond wave2026-08-19
Revolut
Payments & fintech · TradFi · United Kingdom
Pending
Full-bank de novoSecond wave2026-03-04
EDX Markets
Crypto-native platform · Crypto-native · United States
Pending
Trust de novoSecond wave2026-03-26
Bastion
Infrastructure & custody · Crypto-native · United States
Pending
Conversion (other to national)Second wave2026-03-30
OpenReserve Bank
Bank · TradFi · United States
Pending
Full-bank de novoSecond wave2026-04-13
Agora
Stablecoin & token issuer · Crypto-native · United States
Pending
Trust de novoSecond wave2026-04-27
Kraken
Crypto-native platform · Crypto-native · United States
Pending
Trust de novoSecond wave2026-05-08
Catena Labs
Infrastructure & custody · Crypto-native · United States
Pending
Trust de novoSecond wave2026-05-18
CBW Bank
Bank · TradFi · United States
Pending
Conversion (state to national)Second wave2026-06-26
Dakota
Payments & fintech · Crypto-native · United States
Pending
Trust de novoSecond wave2026-07-28
Figure
Crypto-native platform · Crypto-native · United States
Withdrawn
Full-bank de novoFirst wave2023-07-31
BitPay
Payments & fintech · Crypto-native · United States
Withdrawn
Trust de novoFirst wave2021-11-30
Metallicus
Crypto-native platform · Crypto-native · United States
Withdrawn
Full-bank de novoFirst wave2021-04-15

One company can file more than one charter application through separate vehicles or waves. The Charter applications view lists each track once.

38 / 38 applications

Every OCC charter application by a digital-asset company, one row per track
Entity	Charter type	Wave	Filed	Status	Status date
National Digital Trust Company (Protego) National Digital Trust Company	Trust de novo	Second wave	2025-05-28	Conditional approval	2026-02-13
Ripple Ripple National Trust Bank	Trust de novo	Second wave	2025-07-02	Conditional approval	2025-12-12
Coinbase Coinbase National Trust Company	Trust de novo	Second wave	2025-10-03	Conditional approval	2026-04-02
Sony Connectia Trust, National Association	Trust de novo	Second wave	2025-10-07	Conditional approval	2026-07-02
Bridge Bridge National Trust Bank	Trust de novo	Second wave	2025-10-15	Conditional approval	2026-02-12
Crypto.com Foris DAX National Trust Bank	Trust de novo	Second wave	2025-10-23	Conditional approval	2026-02-20
Augustus Augustus National Bank, National Association	Full-bank de novo	Second wave	2025-12-18	Conditional approval	2026-05-08
World Liberty Financial World Liberty Trust Company, National Association	Trust de novo	Second wave	2026-01-06	Conditional approval	2026-08-14
Laser Digital Laser Digital National Trust Bank	Trust de novo	Second wave	2026-01-27	Conditional approval	2026-05-29
Morgan Stanley Morgan Stanley Digital Trust, National Association	Trust de novo	Second wave	2026-02-18	Conditional approval	2026-06-18
National Digital Trust Company (Protego) Protego Trust Bank, National Association	Conversion (state to national)	First wave	2020-12-07	Lapsed	2023-02-04
Paxos Paxos National Trust	Trust de novo	First wave	2020-12-08	Lapsed	2023-03-31
Anchorage Digital Anchorage Digital Bank National Association	Conversion (other to national)	First wave	2020-11-09	Open	2021-01-19
Fidelity Digital Assets Fidelity Digital Assets, National Association	Conversion (other to national)	Second wave	2025-06-11	Open	2025-12-12
Erebor Bank Erebor Bank, National Association	Full-bank de novo	Second wave	2025-06-12	Open	2026-02-06
Circle First National Digital Currency Bank, N.A.	Trust de novo	Second wave	2025-06-30	Open	2026-07-10
BitGo BitGo Bank & Trust, National Association	Conversion (other to national)	Second wave	2025-07-14	Open	2025-12-12
Paxos Paxos Trust Company, National Association	Conversion (other to national)	Second wave	2025-08-12	Open	2025-12-12
Fidelity Digital Assets Fidelity Digital Assets Temporary Bank, National Association	Trust de novo	Second wave	2025-10-02	Open	2025-12-12
United Texas Bank United Texas Bank, National Association	Conversion (state to national)	Second wave	2025-11-12	Open	2026-06-12
Payoneer PAYO Digital Bank, National Association	Trust de novo	Second wave	2026-02-23	Pending	2026-02-23
Zero Hash zerohash national trust bank	Trust de novo	Second wave	2026-03-02	Pending	2026-03-02
Revolut Revolut Bank US, National Association	Full-bank de novo	Second wave	2026-03-04	Pending	2026-03-04
EDX Markets EDX Trust, National Association	Trust de novo	Second wave	2026-03-26	Pending	2026-03-26
Bastion Bastion Platforms National Trust Company	Conversion (other to national)	Second wave	2026-03-30	Pending	2026-03-30
OpenReserve Bank OpenReserve Bank, National Association	Full-bank de novo	Second wave	2026-04-13	Pending	2026-04-13
Agora Agora National Trust Bank	Trust de novo	Second wave	2026-04-27	Pending	2026-04-27
Kraken Payward National Trust Company	Trust de novo	Second wave	2026-05-08	Pending	2026-05-08
Catena Labs Catena Trust Bank, National Association	Trust de novo	Second wave	2026-05-18	Pending	2026-05-18
CBW Bank CBW Bank National Association	Conversion (state to national)	Second wave	2026-06-26	Pending	2026-06-26
Dakota Dakota National Trust Bank	Trust de novo	Second wave	2026-07-28	Pending	2026-07-28
Zero Hash zerohash national trust bank	Trust de novo	Second wave	2026-08-19	Pending	2026-08-19
Fidelity Digital Assets Fidelity Digital Assets, National Association	Trust de novo	Second wave	2025-06-10	Superseded	2025-06-18
Fidelity Digital Assets Fidelity Digital Assets Temporary Bank, National Association	Trust de novo	Second wave	2025-10-02	Superseded	2025-10-31
Figure Figure Bank, National Association	Full-bank de novo	First wave	2020-11-06	Withdrawn	2023-07-31
BitPay BitPay National Trust Bank	Trust de novo	First wave	2020-12-07	Withdrawn	2021-11-30
BitGo BitGo National Bank, National Association	Conversion (other to national)	First wave	2021-01-15	Withdrawn	2021-11-29
Metallicus First Blockchain Bank and Trust, National Association	Full-bank de novo	First wave	2021-02-03	Withdrawn	2021-04-15

National Digital Trust Company (Protego)
National Digital Trust Company
Conditional approval
Trust de novo2025-05-28
Ripple
Ripple National Trust Bank
Conditional approval
Trust de novo2025-07-02
Coinbase
Coinbase National Trust Company
Conditional approval
Trust de novo2025-10-03
Sony
Connectia Trust, National Association
Conditional approval
Trust de novo2025-10-07
Bridge
Bridge National Trust Bank
Conditional approval
Trust de novo2025-10-15
Crypto.com
Foris DAX National Trust Bank
Conditional approval
Trust de novo2025-10-23
Augustus
Augustus National Bank, National Association
Conditional approval
Full-bank de novo2025-12-18
World Liberty Financial
World Liberty Trust Company, National Association
Conditional approval
Trust de novo2026-01-06
Laser Digital
Laser Digital National Trust Bank
Conditional approval
Trust de novo2026-01-27
Morgan Stanley
Morgan Stanley Digital Trust, National Association
Conditional approval
Trust de novo2026-02-18
National Digital Trust Company (Protego)
Protego Trust Bank, National Association
Lapsed
Conversion (state to national)2020-12-07
Paxos
Paxos National Trust
Lapsed
Trust de novo2020-12-08
Anchorage Digital
Anchorage Digital Bank National Association
Open
Conversion (other to national)2020-11-09
Fidelity Digital Assets
Fidelity Digital Assets, National Association
Open
Conversion (other to national)2025-06-11
Erebor Bank
Erebor Bank, National Association
Open
Full-bank de novo2025-06-12
Circle
First National Digital Currency Bank, N.A.
Open
Trust de novo2025-06-30
BitGo
BitGo Bank & Trust, National Association
Open
Conversion (other to national)2025-07-14
Paxos
Paxos Trust Company, National Association
Open
Conversion (other to national)2025-08-12
Fidelity Digital Assets
Fidelity Digital Assets Temporary Bank, National Association
Open
Trust de novo2025-10-02
United Texas Bank
United Texas Bank, National Association
Open
Conversion (state to national)2025-11-12
Payoneer
PAYO Digital Bank, National Association
Pending
Trust de novo2026-02-23
Zero Hash
zerohash national trust bank
Pending
Trust de novo2026-03-02
Revolut
Revolut Bank US, National Association
Pending
Full-bank de novo2026-03-04
EDX Markets
EDX Trust, National Association
Pending
Trust de novo2026-03-26
Bastion
Bastion Platforms National Trust Company
Pending
Conversion (other to national)2026-03-30
OpenReserve Bank
OpenReserve Bank, National Association
Pending
Full-bank de novo2026-04-13
Agora
Agora National Trust Bank
Pending
Trust de novo2026-04-27
Kraken
Payward National Trust Company
Pending
Trust de novo2026-05-08
Catena Labs
Catena Trust Bank, National Association
Pending
Trust de novo2026-05-18
CBW Bank
CBW Bank National Association
Pending
Conversion (state to national)2026-06-26
Dakota
Dakota National Trust Bank
Pending
Trust de novo2026-07-28
Zero Hash
zerohash national trust bank
Pending
Trust de novo2026-08-19
Fidelity Digital Assets
Fidelity Digital Assets, National Association
Superseded
Trust de novo2025-06-10
Fidelity Digital Assets
Fidelity Digital Assets Temporary Bank, National Association
Superseded
Trust de novo2025-10-02
Figure
Figure Bank, National Association
Withdrawn
Full-bank de novo2020-11-06
BitPay
BitPay National Trust Bank
Withdrawn
Trust de novo2020-12-07
BitGo
BitGo National Bank, National Association
Withdrawn
Conversion (other to national)2021-01-15
Metallicus
First Blockchain Bank and Trust, National Association
Withdrawn
Full-bank de novo2021-02-03

The second gate

The Federal Reserve gate 11

A charter admits a bank to the federal system; a master account gives it direct settlement at the Federal Reserve itself. 11 crypto banks have sought one: 1 approved, 6 pending, 1 rejected, 3 withdrawn. As of 2026-06-26 (Fed quarterly disclosure); statuses re-verified 2026-07-24.

Crypto banks that have sought a Federal Reserve master account
Institution	Status	On this map	Source
Kraken Financial Wyoming SPDI (Kraken Bank, operated by Payward, Inc.)	Approved	Kraken sibling vehicle (same group)	Federal Reserve disclosure for Kraken Financial
Anchorage Digital Bank, National Association OCC national trust bank	Pending	Anchorage Digital same entity	Federal Reserve disclosure for Anchorage Digital Bank, National Association
BCUS, Inc. (formerly known as Banking Circle US) Connecticut uninsured commercial bank (special wholesale/merchant bank charter), Tier 3	Pending	·	Federal Reserve disclosure for BCUS, Inc. (formerly known as Banking Circle US)
Commercium Financial Wyoming Special Purpose Depository Institution (SPDI)	Pending	·	Federal Reserve disclosure for Commercium Financial
N3XT, Inc. Wyoming Special Purpose Depository Institution (SPDI)	Pending	·	Federal Reserve disclosure for N3XT, Inc.
Standard Custody & Trust Co. LLC New York state limited-purpose trust company (NYDFS), Ripple subsidiary	Pending	Ripple sibling vehicle (same group)	Federal Reserve disclosure for Standard Custody & Trust Co. LLC
WisdomTree Digital Trust Company, LLC New York state limited-purpose trust company (NYDFS), virtual-currency authorized	Pending	·	Federal Reserve disclosure for WisdomTree Digital Trust Company, LLC
Custodia Bank, Inc. Wyoming SPDI (Special Purpose Depository Institution)	Rejected	·	Federal Reserve disclosure for Custodia Bank, Inc.
FV Bank International, Inc. Puerto Rico International Financial Entity (IFE)	Withdrawn	·	Federal Reserve disclosure for FV Bank International, Inc.
Paxos OCC national trust bank (Paxos Trust Company, National Association); group also held a NYDFS limited-purpose trust charter	Withdrawn	Paxos same entity	Federal Reserve disclosure for Paxos
Protego Trust Bank NA OCC national trust bank (preliminary conditional approval 2021, lapsed 2023)	Withdrawn	National Digital Trust Company (Protego) same entity	Federal Reserve disclosure for Protego Trust Bank NA

Latest charter actions

Status transitions from the OCC register, newest first.

Aug 14World Liberty Financialconditional approvalTrust de novo

Jul 28DakotafiledTrust de novo

Jul 17Zero HashReturnedTrust de novo

Jul 10CircleopenedTrust de novo

Jun 12United Texas BankopenedConversion (state to national)

May 29Laser Digitalconditional approvalTrust de novo

Questions

What is an OCC national trust charter?

A federal banking charter from the Office of the Comptroller of the Currency limited to fiduciary and custody activities, with no lending or deposit taking. It brings a digital-asset firm under federal supervision with nationwide reach, replacing state-by-state licensing. 18 of the 31 firms on this map are pursuing one, the most common route into the federal system.

What is the difference between a charter and a Fed master account?

The OCC grants the charter; the Federal Reserve decides account access separately. A master account gives a bank direct settlement at the Fed without an intermediary bank. Of the 11 crypto banks that have sought one, 1 holds it: Kraken Financial, approved January 2026. Custodia's request was rejected and the rejection upheld on appeal.

Why does a company appear more than once in the applications view?

One row per charter application. A company that filed in the 2020 wave and again in 2025 carries two tracks: Paxos and Protego both do. The companies view rolls a company's applications into one row.

Are withdrawn applications removed from the map?

No. Exits stay on record with their dates. The first wave's withdrawn and lapsed applications mark where the 2021 window closed before the 2025 reopening.

Company counts and application counts are stated separately, never conflated. One company can file more than one charter application; the Charter applications view lists each track once. Full methodology.