Bridge, a stablecoin infrastructure provider owned by Stripe, has applied for a national bank trust charter with the US Office of the Comptroller of the Currency (OCC). If granted, the charter would place the company under federal supervision, allowing it to offer banking services such as digital asset custody, stablecoin issuance and reserve management.
According to representatives from Bridge, the move reflects the company’s intention to operate within a regulated framework as stablecoins become a more established component of the financial system. They added that greater regulatory clarity will be key to enabling large-scale tokenisation of assets across traditional and digital markets.
Growing competition in the stablecoin sector
Bridge’s application comes in the context of increasing competition among stablecoin issuers to secure federal oversight. Companies such as Circle, Ripple and Paxos have all sought similar regulatory recognition as the sector continues to expand. Stablecoins, which represent cryptocurrencies backed by fiat currencies such as the USD, have grown into an asset class worth nearly USD 300 billion, according to Stripe. Their use in international payments and decentralised finance has driven much of this growth.
Recent legislative developments, including the enactment of the GENIUS Act, have further encouraged regulated participation in the US stablecoin market by clarifying oversight responsibilities among federal agencies.
Earlier this month, Stripe introduced its Open Issuance service, enabling firms to launch their own stablecoins using Bridge’s infrastructure. Current users include Phantom’s CASH, MetaMask’s mUSD and Hyperliquid’s USDH.
Stripe’s acquisition of Bridge
Stripe finalised the acquisition of Bridge in February 2025. Through this deal, Stripe and Bridge intended to scale the capabilities of digital dollars and provide them to businesses, regardless of their location. The initiative was in line with Stripe’s focus on the digital asset sector, after a six-year hiatus from including cryptocurrency-related services as part of its offering.
Initially, the plans to acquire Bridge were announced in October 2024. However, at that time, the deal was still in talks, with either party still having the possibility to withdraw from the negotiations. A week later, Stripe officially announced the acquisition of Bridge for USD 1.1 billion, with the move being confirmed by TechCrunch founder Michael Arrington.
