TLDR
- Coinbase National Trust Company’s federal charter became effective on November 6, 2026.
- The OCC initially granted conditional approval on April 2, 2026.
- Coinbase plans to migrate its existing custody business into the national trust over three years.
- Coinbase reported $245.7 billion in custody assets as of June 30, 2025.
- The OCC requires $60 million in Tier 1 capital during the trust’s first three years.
Coinbase secured a federal trust charter, opening a three-year transition for its institutional custody business. The OCC record lists November 6, 2026, as the effective date. In its November 9 announcement, Coinbase confirmed final approval for Coinbase National Trust Company. The decision follows the regulator’s earlier conditional approval on April 2, 2026.
OCC Filing Details a Three-Year Custody Migration
An OCC decision outlines a phased transfer from Coinbase Custody Trust Company to the federal entity. Coinbase plans to migrate the entire existing custody business during the trust’s three-year initial operating period.
The existing company holds a New York trust charter and operates under state regulatory supervision. Coinbase said the new structure builds upon its relationship with New York’s financial regulator. Coinbase’s October 2025 application reported $245.7 billion in assets under custody on June 30, 2025.
That figure represented approximately 7% of the cryptocurrency market’s value at that time. It is a historical company-wide measure, not a confirmed balance transferred into the newly chartered trust.
The application identified Prime Vault and Prime Custody among the intended federally chartered custody services. It also outlined arrangements enabling customers to access services provided by other Coinbase entities.
The OCC described permissible transactions as receiving, holding, and transferring assets within custody accounts. Fiat custody balances will sit in accounts at third-party banks.
Federal Charter Brings Specific Operating Restrictions
The OCC authorized fiduciary digital asset custody under federal banking supervision. Its decision states that the trust’s custody services must follow applicable fiduciary duties and standards.
The regulator set a $60 million minimum in Tier 1 capital for the first three years. It also required eligible liquid assets and separate reserves covering 180 days of operating expenses.
The liquidity requirement includes at least $30 million, potentially more depending on the bank’s capital. The OCC also requires quarterly capital and liquidity assessments during the bank’s initial operating period.
Material business-plan changes require 60 days’ advance notice and written regulatory clearance, subject to specified exceptions. The trust cannot function as a conventional deposit-taking or commercial lending bank.
The OCC specified that Coinbase National Trust Company would not directly provide staking, trading, or financing. Instead, the entity may connect custody customers with eligible services offered through Coinbase affiliates.
The regulator’s April decision also stated that the trust application did not propose stablecoin issuance. Consequently, the charter should not be presented as approval for that separate activity.
As CoinCentral previously reported, April’s initial approval depended on further regulatory steps. The latest OCC status confirms the effective charter, but does not establish any completed asset transfers.
