Regulatory Alerts2025-12-12 | Conditional Approval 1353Added
Conditional Approval 1353 — Application by BitGo Trust Company, Inc., Sioux Falls, SD to convert to a national bank
The Office of the Comptroller of the Currency grants conditional approval for BitGo Trust Company, Inc. to convert to BitGo Bank & Trust, National Association, an uninsured national trust bank in Sioux Falls, South Dakota. The Bank is authorized to operate with full fiduciary powers, including digital asset and fiat currency custody, staking, and stablecoin issuance, while being prohibited from taking deposits or holding FDIC insurance. The approval imposes specific conditions requiring the Bank to maintain at least $8.7 million in tier 1 capital, hold 180 days of operating expenses in Eligible Liquid Assets, and conform its stablecoin activities to the GENIUS Act. Additionally, the Bank must divest nonconforming digital assets within one business day of receipt and obtain prior OCC no-objection letters for significant operational changes or senior executive appointments during its first three years of operation.