Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a significant milestone in its integration into the regulated American financial system.
The approval allows the company to charter Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank once fully authorized.
What the National Trust Bank Will Do
Under the OCC’s framework, Crypto.com National Trust Bank will focus on fiduciary and custody services rather than traditional commercial banking.
Once fully approved, the bank will be authorized to provide:
- Digital asset custody under federal oversight
- Staking services across multiple protocols, including Cronos
- Trade settlement infrastructure
As a national trust bank, it will not be permitted to take deposits or offer lending services. Instead, its primary function will be safeguarding client assets and operating within a regulated trust structure.
Crypto.com joins a growing list of crypto firms that have secured conditional OCC approvals, including Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.
Stablecoins Could Drive $1 Trillion in T-Bill Demand
In parallel, Standard Chartered released a report on February 23, 2026, projecting that the global stablecoin market could reach $2 trillion in market capitalization by the end of 2028.
According to the forecast, this expansion would generate between $800 billion and $1 trillion in new demand for short-term U.S. Treasury bills, as stablecoin issuers continue to hold T-bills as reserve backing.
Combined with Federal Reserve activity, total new demand for T-bills could reach $2.2 trillion, potentially outpacing net supply.
Possible Shift in U.S. Debt Issuance
If short-term Treasury demand accelerates as projected, the U.S. Treasury may need to adjust its issuance strategy.
Analysts suggest that to address potential T-bill scarcity, the Treasury could shift issuance from long-term bonds toward shorter-dated debt. In an extreme scenario, 30-year bond auctions could be suspended for up to three years to rebalance supply.
Growing Institutional Convergence
The developments highlight two parallel trends: crypto firms moving deeper into regulated U.S. banking structures, and digital asset infrastructure increasingly influencing traditional government debt markets.
As regulated custody expands and stablecoin reserves grow, the intersection between crypto and the U.S. Treasury market appears set to deepen significantly over the coming years.
