Overview
- Bridge filed on Oct. 14 to organize a national trust bank that would issue stablecoins, provide custody, and manage reserves, with the application pending OCC review and not yet posted publicly.
- Stripe’s stablecoin arm joins Circle, Paxos, Ripple, and Coinbase in pursuing OCC national trust charters, with Anchorage Digital still the only prior approval from 2021.
- Under the GENIUS Act, approved issuers must hold 100% reserves in cash or Treasuries, publish monthly disclosures, and prioritize redemption rights for token holders.
- The move would shift Bridge’s operations from state money-transmitter oversight to a unified federal regime, aligning with the company’s plan to scale tokenized dollar infrastructure.
- Stripe bought Bridge for about $1.1 billion last year and has integrated it into products such as Open Issuance, with partners including Phantom’s CASH, MetaMask’s mUSD, and Hyperliquid’s USDH, while banking groups like the ABA have urged the OCC to slow charter reviews.