Five institutions, including Circle and Ripple, received conditional approval for trust banking licenses in the United States, further advancing the integration of crypto and traditional finance.

On December 13, the U.S. Office of the Comptroller of the Currency (OCC) conditionally approved trust bank licenses for five entities: Ripple, BitGo, Digital Assets, Paxos, and Circle. "Conditional approval" is a preliminary recognition, indicating that the OCC has reviewed the applications and believes the companies largely meet regulatory requirements (such as capital adequacy, risk management frameworks, and business plans), but it is not a final license. The companies must meet specific conditions within a specified timeframe to transition to full operation. Once all conditions are met, the OCC will issue a final, unconditional national trust bank license, allowing the companies to immediately exercise trust bank powers, primarily including: expanding their core business to include managing client assets as trustees, processing payment settlements, custody of digital assets (such as stablecoin reserves), and providing related financial services. However, a trust bank license differs from a full-fledged bank license; it cannot accept deposits or make loans. Companies can apply for a Federal Reserve master account, accelerating clearing and access to the traditional financial system, further promoting the integration of crypto and traditional finance.