Coinbase secures $376 billion platform assets under federal banking regulator

Coinbase, the largest U.S. crypto exchange, now holds a full national trust charter from the Office of the Comptroller of the Currency, moving its massive custody business under federal banking oversight. The exchange held $245.7 billion in institutional custody assets as of mid-2025, while total assets on its platform reached $376 billion at year-end 2025.

That total represents over 12% of global crypto market capitalization, according to Crypto Briefing. The new entity is called the Coinbase National Trust Company, a de novo national trust bank built from scratch rather than acquired. The process took time, beginning with an application on October 3, 2025, and conditional approval on April 2, 2026.

The charter comes with clear limits, as it does not cover retail deposits, lending, or fractional reserve banking. Coinbase also keeps its existing New York state trust charter and its BitLicense, adding a federal layer on top instead of replacing state licenses overnight.

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That shift will be gradual, supported by a transition plan spanning a three-year period. The company is not alone in the move, as Ripple, the blockchain payments firm, has reached the same status under the Office of the Comptroller of the Currency's implementation of the GENIUS Act.