The lines between digital banking and cryptocurrency are blurring, as fintech companies increasingly leverage fast-growing crypto assets to attract US customers.

Crypto's Banking Ambitions Under Trump's Pro-Digital Asset Stance
Cryptocurrency firms are racing to enter traditional US banking, capitalizing on a friendlier regulatory environment under President Donald Trump to deepen ties with the financial system.

Payment network Ripple, stablecoin issuer Circle, and custody provider BitGo have applied for national trust bank charters, which would allow them to offer limited banking services. Meanwhile, crypto exchange Kraken plans to launch payment cards next month.

"This is a natural convergence," Kraken co-CEO Arjun Sethi told the Financial Times, noting debit and credit cards will debut by month's end.

These moves highlight how crypto firms are expanding beyond digital assets alone. Industry executives cite renewed confidence under Trump's crypto-friendly administration—a stark contrast to predecessor Joe Biden's perceived hostility toward the sector.

New York-based Circle called obtaining a trust charter from the Office of the Comptroller of the Currency (OCC) "a critical step" for integrating digital assets into mainstream finance. Currently, Anchorage Digital remains the only crypto firm with a national bank charter.

From Anti-Bank Rhetoric to Regulatory Embrace
"This reverses crypto's original ethos of 'We don't need banks or laws—we're above the system,'" said Max Bonici, partner at Davis Wright Tremaine. "Now they're saying, 'Please regulate us.'"

While trust banks can custody assets and process payments, they cannot issue loans or take direct deposits. National charters eliminate state-by-state licensing hurdles and improve access to financial infrastructure.

The push comes as Washington debates stablecoin legislation that would tether these dollar-pegged tokens closer to traditional finance. The proposed Genius Act would mandate stablecoin reserves be held in US Treasuries and restrict issuance to regulated banks and OCC-chartered entities.

Ripple CEO Brad Garlinghouse revealed the company also applied for a Federal Reserve master account, which would let it hold stablecoin reserves directly at the central bank.

Fintechs Double Down on Crypto-Banking Synergies
Digital banks are increasingly weaving crypto into their offerings to capture US customers:

• Robinhood, which derived over half its 2024 trading revenue from crypto, will roll out banking services this fall. "We should meet all your financial needs," said CEO Vlad Tenev, citing tax planning and fund transfers.

• Revolut, the London-based neobank, aims to secure a US bank charter long-term, while Klarna plans to add crypto products.

Traditional banks like Bank of America are also preparing to launch stablecoins post-regulation.

"The current administration has signaled openness to charters unlike previous governments," noted David Portilla, partner at Davis Polk.

Charters Optional: Kraken's Partnership Approach
Not all crypto firms view banking licenses as essential. Wyoming-licensed Kraken will launch its new app without seeking a charter or master trust.

"We don't want to be a mortgage lender. We'll partner with best-in-class service providers," said Sethi.

As regulatory clarity emerges, the race to bridge crypto and banking accelerates—with or without formal charters.

The lines between digital banking and cryptocurrency are blurring, as fintech companies increasingly leverage fast-growing crypto assets to attract US customers.

Crypto's Banking Ambitions Under Trump's Pro-Digital Asset Stance
Cryptocurrency firms are racing to enter traditional US banking, capitalizing on a friendlier regulatory environment under President Donald Trump to deepen ties with the financial system.

Payment network Ripple, stablecoin issuer Circle, and custody provider BitGo have applied for national trust bank charters, which would allow them to offer limited banking services. Meanwhile, crypto exchange Kraken plans to launch payment cards next month.

"This is a natural convergence," Kraken co-CEO Arjun Sethi told the Financial Times, noting debit and credit cards will debut by month's end.

These moves highlight how crypto firms are expanding beyond digital assets alone. Industry executives cite renewed confidence under Trump's crypto-friendly administration—a stark contrast to predecessor Joe Biden's perceived hostility toward the sector.

New York-based Circle called obtaining a trust charter from the Office of the Comptroller of the Currency (OCC) "a critical step" for integrating digital assets into mainstream finance. Currently, Anchorage Digital remains the only crypto firm with a national bank charter.

From Anti-Bank Rhetoric to Regulatory Embrace
"This reverses crypto's original ethos of 'We don't need banks or laws—we're above the system,'" said Max Bonici, partner at Davis Wright Tremaine. "Now they're saying, 'Please regulate us.'"

While trust banks can custody assets and process payments, they cannot issue loans or take direct deposits. National charters eliminate state-by-state licensing hurdles and improve access to financial infrastructure.

The push comes as Washington debates stablecoin legislation that would tether these dollar-pegged tokens closer to traditional finance. The proposed Genius Act would mandate stablecoin reserves be held in US Treasuries and restrict issuance to regulated banks and OCC-chartered entities.

Ripple CEO Brad Garlinghouse revealed the company also applied for a Federal Reserve master account, which would let it hold stablecoin reserves directly at the central bank.

Fintechs Double Down on Crypto-Banking Synergies
Digital banks are increasingly weaving crypto into their offerings to capture US customers:

• Robinhood, which derived over half its 2024 trading revenue from crypto, will roll out banking services this fall. "We should meet all your financial needs," said CEO Vlad Tenev, citing tax planning and fund transfers.

• Revolut, the London-based neobank, aims to secure a US bank charter long-term, while Klarna plans to add crypto products.

Traditional banks like Bank of America are also preparing to launch stablecoins post-regulation.

"The current administration has signaled openness to charters unlike previous governments," noted David Portilla, partner at Davis Polk.

Charters Optional: Kraken's Partnership Approach
Not all crypto firms view banking licenses as essential. Wyoming-licensed Kraken will launch its new app without seeking a charter or master trust.

"We don't want to be a mortgage lender. We'll partner with best-in-class service providers," said Sethi.

As regulatory clarity emerges, the race to bridge crypto and banking accelerates—with or without formal charters.