Effective Federal Charter Allows Coinbase to Expand Digital Asset Custody for Institutions
Key Facts
Coinbase announced on November 9, 2026, that it had received final approval from the U.S. Office of the Comptroller of the Currency to establish Coinbase National Trust Company and expand its digital asset custody business under a federal framework. The office records that the charter became effective on November 6, following its approval on April 2, 2026. The official announcement gives the company a basis to provide institutional custody in a fiduciary capacity under federal supervision. Office documents describe the new bank as owned by Coinbase, with its proposed headquarters in New York. Coinbase said the charter is intended to unify federal oversight of its custody capabilities, expanding the regulatory framework under which these services operate.
The new company intends to custody digital assets in a fiduciary capacity, with a primary focus on institutional clients, according to the OCC decision. The proposed services include accepting, holding and transferring fiat funds and digital assets held in custody accounts. These transactions are limited to custody clients and assets the bank holds on their behalf. This places custody at the center of the announced business scope, with transaction services tied to clients’ safeguarded assets. The company also sought fiduciary powers, and the office’s records list the proposed charter number as 25390.
The charter does not mean the new bank will itself provide every service associated with digital asset accounts. The office’s documents identified affiliated services that custody clients can access, including staking, trading and financing through Prime, but said the bank itself will not provide these core services. The proposed bank’s role will remain focused on fiduciary custody and related activities. The office also required its operations to be limited to trust company business and activities specified in the business plan. The company does not propose to issue a stablecoin, according to the approval decision.
Before federal approval, Coinbase conducted its custody business through Coinbase Custody Trust Company, a limited-purpose trust company licensed by the New York State Department of Financial Services. Coinbase plans to transfer all of its existing custody business from that company to the new bank over a three-year formation period. The announced timeline means the transition will take place in stages during that period; it does not mean customer accounts had already moved when the charter took effect. Coinbase says it has safeguarded digital assets at scale for more than 14 years. The transfer places the news in the context of a gradual shift from the New York-licensed entity to federal oversight of institutional custody.
The effective date followed a regulatory process that began when Coinbase filed an application to establish the company with the OCC on October 3, 2025; the public comment period closed on November 3 of that year. The office then recorded approval on April 2, 2026, before recording completion of the organization and the charter’s effectiveness on November 6. The decision sets capital requirements for the company, including a minimum tier 1 capital requirement of $60 million. The company must also hold the greater of 50% of capital or $30 million in qualifying liquid assets, according to the condition in the decision. These requirements set financial limits for the new fiduciary banking business alongside restrictions on the scope of its activities.
The custody expansion comes as Coinbase’s third-quarter data showed assets on its platform falling to $376.6 billion on September 30, 2026, from $515.9 billion on September 30, 2025. The company attributed the decline primarily to a $160.5 billion year-over-year decrease in platform assets, reflecting falling prices for some crypto assets. Consumer spot cryptocurrency trading volume also fell 59% in the third quarter of 2026 compared with the same period in 2025. The company said prediction-market trading and growth in derivatives trading offset part of the decline. The custody charter adds an institutional track to Coinbase’s business as its quarterly data highlights changes in assets and consumer trading volumes.