Ramp Asks US Regulator for a Trust Bank Charter to Hold Digital Assets

Ramp has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, the company said yesterday (Monday). The $60 billion corporate card firm wants the bank to hold digital assets and manage investments as a fiduciary.

A charter would give Ramp a federal license of its own. Its website describes Ramp as a financial technology company that is not a bank, and it relies on partners for checking deposits, card issuing and its investment account.

Ramp joins a long line of applicants. More than 30 companies applied to become US banks in 2025, according to consulting firm Klaros Group, among them Interactive Brokers and PayPal.

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No Deposits, No Loans

Ramp filed the application on October 16. The trust bank "will not take deposits or make commercial loans," the company said.

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Checking deposits for Ramp customers are held at First Internet Bank of Indiana. The investment account is managed by Moment Advisors, with assets held at Apex Clearing.

The company said the charter would bring the new services under "a consistent federal regulatory framework."

Ramp reports about 85,000 business customers and annualized revenue above $2 billion. The company was valued at $8.1 billion in 2022, when it raised $750 million in equity and debt in a round led by Founders Fund.

Payments Firms Already in the Queue

Stripe-owned Bridge won conditional OCC approval in February for a national trust bank that would hold digital assets and manage stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term reserves.

Circle went further. In July it received final approval for First National Digital Currency Bank, which will first hold digital assets for Circle and its affiliates.

The OCC's list of pending applications shows payments software firm Modern Treasury filing for a national trust bank on October 1 and Rain on October 5. Kraken parent Payward filed in May.

Not every application succeeds. The regulator rejected Wise's trust bank bid in July, citing compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term and money laundering concerns, and the payments company's shares fell about 9% that day.

Revolut chose a broader license. In September it secured conditional approval for a full national bank charter, which still requires steps with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

Community Banks Sue the Regulator

The Independent Community Bankers of America (ICBA) sued the OCC on October 2 in federal court in Washington over the limited trust charters it has granted to crypto firms. ICBA argues that the approvals go beyond the authority Congress gave the agency.

Congress did not create the charter as "a side door into the banking system for crypto firms," ICBA Chief Executive Rebeca Romero Rainey said.

The lawsuit does not challenge Ramp's application directly. Crypto.com, which won a conditional trust charter in February, plans to keep offering custody through its New Hampshire-regulated entity until it meets the OCC's conditions.