Stablecoin Companies Compete for US Bank Licenses as Stripe’s Bridge Applies

Stripe’s Bridge Seeks Federal Bank Charter for Stablecoins

Bridge, Stripe’s stablecoin division, has applied to the Office of the Comptroller of the Currency (OCC) to become a national trust bank. This move comes as competition in the stablecoin sector continues to grow.

If approved, Bridge National Trust Bank would allow Stripe to issue, redeem, and manage stablecoins under federal rules, rather than relying on state licenses. Co-founder Zack Abrams said this could let Bridge “tokenize trillions of dollars.”

Stripe bought Bridge last October for $1.1 billion, aiming to bring blockchain-based payments to its global merchants.

The application follows the GENIUS Act, which sets rules for stablecoin issuers. Under the act, stablecoin companies must keep 100% of reserves in cash or Treasuries, release monthly reports, and prioritize redemption for token holders. The law also lets the OCC supervise nonbank issuers like Bridge—a long-requested change by fintech firms.

Other companies are also seeking federal charters. In July, Circle applied to oversee USDC reserves, followed by Ripple. Paxos and Coinbase have also filed for national trust licenses.

If approved, Bridge would be one of the first stablecoin-focused national trust banks in the U.S. Experts say this marks a key moment for digital dollar regulation, allowing federal oversight while supporting blockchain innovation.

A representative from decentralized exchange aggregator Astros explained that federally chartered banks like Bridge could work alongside state-licensed stablecoin companies, creating a system where regulated institutions and decentralized protocols coexist safely. This could give decentralized finance platforms clearer rules and better access to compliant, high-quality collateral without limiting innovation.