The U.S. Office of the Comptroller of the Currency has elevated Coinbase National Trust Company from conditional to full charter status, seven months after granting preliminary approval in April.

The charter lets the largest U.S. crypto exchange run federally regulated custody and payments services. It does not make Coinbase a full-service bank: the trust cannot take deposits or extend loans.

Coinbase follows Ripple, which received its own full OCC trust charter in October.

Crypto firms have rushed to federal trust status since the GENIUS Act opened a path for such trusts to issue compliant stablecoins. The Independent Community Bankers of America has sued the OCC, arguing the regulator overstepped its authority in granting these charters.