US OCC grants conditional approval to Ripple, others for trust bank charters

The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved an application for a Ripple National Trust Bank, BWE News reported. The regulator also granted conditional charters for trust banks to BitGo, Fidelity Digital Assets, Paxos, and Circle. Unlike commercial banks, trust banks must focus exclusively on trust services and related activities, and are restricted from general deposit-taking or lending.