Why Crypto Companies Are Racing to Secure Bank and Trust Charters in 2025

The U.S. regulatory landscape is shifting fast. Cryptocurrency and stablecoin companies are increasingly pursuing bank or trust charters because formal supervision is becoming a prerequisite for scale.

For teams building stablecoin and digital asset infrastructure, regulatory legitimacy is no longer optional—it is central to survival and growth.

The Regulatory Imperative: From Money Transmitter to Financial Institution

The collapse of FTX, the regulatory actions against Binance, and the failure of Celsius changed how regulators and institutional partners view crypto companies. Operating without a formal charter has become a liability.

A state or national trust charter—issued by the OCC, the New York Department of Financial Services (NYDFS), or the Wyoming Division of Banking—changes your status. Instead of being classified as a money transmitter, chartered entities can say: "We are a regulated financial institution." Understanding the regulatory requirements across different jurisdictions is essential for companies navigating this licensing landscape.

This distinction delivers real benefits: better counterparty confidence, improved access to traditional banking rails, and stronger compliance positioning.

Direct Access to Critical Payment Infrastructure

A major advantage of obtaining a charter is direct or quasi-direct access to core U.S. payment systems: Fedwire, ACH, and Real-Time Payments (RTP) networks.

Without charter status, crypto firms must rely on intermediary banks for payment processing. The failures of crypto-friendly banks like Silvergate and Signature Bank exposed the fragility of this dependent relationship. When these intermediaries collapsed, they took entire payment corridors with them.

Chartered entities like Anchorage Digital Bank, Protego Trust, and Paxos Trust can now move assets and stablecoins with bank-level privileges, establishing correspondent relationships and accessing settlement infrastructure directly. This eliminates single points of failure and provides operational resilience. Organizations seeking to integrate these capabilities can explore available payment network provider connections to traditional and digital financial rails.

The Future of Stablecoin Issuance

Federal regulators—including the Federal Reserve, OCC, and FDIC—are converging toward a clear regulatory model: only insured banks or trust companies should issue or manage stablecoins at scale.

Being chartered positions companies to issue fully reserved, compliant stablecoins under emerging U.S. stablecoin legislation. Examples include PayPal USD (PYUSD), Pax Dollar (USDP), and Gemini Dollar (GUSD). The message from Treasury and the Fed is unambiguous: if you want to issue a payment instrument at scale, you must be supervised like a bank. For a comprehensive comparison of stablecoin issuers and their regulatory status, organizations can review market cap data, collateral types, and charter classifications.

This regulatory framework is not theoretical—it's actively being implemented through pending legislation and regulatory guidance that will likely grandfather chartered entities as "eligible issuers" while excluding non-chartered competitors from U.S. banking rails.

Institutional Custody and Fiduciary Services

A trust company license provides legal authorization to offer fiduciary and safekeeping services—capabilities that are foundational for institutional-grade digital asset custody.

This enables crypto firms to custody client funds and digital assets directly, without relying on third-party banking partners. For institutions requiring qualified custodians under SEC rules, this designation is often mandatory.

Both Anchorage Digital and BitGo Trust obtained their trust charters specifically to serve as qualified custodians, meeting the rigorous standards required by pension funds, endowments, and other institutional investors.

Bridging Traditional Finance and DeFi

Trust charter status creates a compliance foundation for bridging traditional finance (TradFi) and decentralized finance (DeFi).

A trust-chartered stablecoin issuer can legally interface with on-chain protocols while maintaining proper reserve reporting and transaction accounting in GAAP-compliant terms. This makes chartered entities ideal vehicles for:

• Tokenized deposits
• On-chain treasury management
• Programmable payments
• Smart contract integration with traditional banking services

This interoperability matters as financial institutions explore blockchain integration while maintaining regulatory compliance. Chartered entities can leverage tools for stablecoin protocol design and smart contract development that support these use cases while ensuring compliance with banking regulations.

Strategic Positioning Ahead of Federal Legislation

Congress and federal regulators are actively drafting comprehensive stablecoin and digital asset frameworks. Companies obtaining charters now are positioning themselves to be grandfathered into these new regulatory structures rather than scrambling to comply later.

The industry is heading toward a clear bifurcation:

• Licensed issuers (bank/trust chartered): Full access to U.S. banking rails and institutional partnerships
• Unlicensed entities: Potentially cut off from U.S. financial infrastructure and institutional markets

Early movers gain structural advantages that will be difficult for competitors to replicate once frameworks are finalized. Firms can track these evolving requirements through comprehensive regional regulatory guides covering federal and state-level stablecoin legislation.

Institutional Credibility and Market Access

Beyond regulatory compliance, a trust charter signals governance maturity and operational readiness.

Institutional investors, Big Four auditors, and major payment networks view chartered status as evidence of sound controls. This translates into tangible benefits:

• Improved company valuations
• Streamlined due diligence processes for institutional investors
• Access to enterprise partnerships with companies like Visa, Mastercard, and PayPal
• Alignment with emerging global frameworks including Basel III, MiCA (Europe), and other international standards

The Current Landscape: Who's Already Chartered

Several leading digital asset companies have already secured regulatory charters. For detailed information on each issuer's market position and regulatory classification, visit the stablecoin issuers directory:

Each charter provides strategic advantages tailored to the company's business model, whether focused on custody, stablecoin issuance, trading, or integrated services.

Charter Status as Competitive Advantage

The race to obtain bank and trust charters reflects a maturing digital asset industry. As regulatory frameworks solidify and institutional adoption grows, chartered status is moving from a nice-to-have to a requirement for participating in the regulated digital economy.

Companies that secure charters today are building advantages: direct payment system access, regulatory legitimacy, institutional custody capabilities, and positioning for future legislation. Those that delay risk finding themselves on the wrong side of an emerging regulatory divide.

For stablecoin issuers and digital asset infrastructure providers, the message is clear: the future belongs to those who embrace appropriate regulatory supervision while maintaining the innovation that makes digital assets compelling.