Regulatory Alerts2025-12-12 | Conditional Approval 1356Added
Conditional Approval 1356 — Preliminary conditional approval of the de novo charter application for the proposed First National Digital Currency Bank, N.A., New York, NY
The Office of the Comptroller of the Currency grants preliminary conditional approval for the de novo charter of First National Digital Currency Bank, N.A., and waives director residency requirements for three of five directors. The bank is authorized to operate as a national trust company, providing collateral trustee services for USDC holders and digital asset custody services for affiliates in a fiduciary capacity. Approval is subject to conditions including a $6.05 million minimum tier 1 capital requirement, maintenance of 180 days of operating expenses in eligible liquid assets, and compliance with the GENIUS Act if enacted. Final authorization to commence business requires meeting preopening requirements, including independent audits and board officer appointments, before the OCC may grant final approval.