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ARBCoinbase wins federal trust charter as PNC pilots USDC payments
Coinbase says the OCC granted final approval for its national trust bank on 6 Nov 2026, while PNC Bank is testing USDC payments that convert automatically into dollars.
Why it matters: The approval gives Coinbase a nationwide federal custody framework and a large bank client, even as its shares trade far below their level a year ago.
Key points
- The OCC granted Coinbase National Trust Company a full charter, upgrading its 2 April conditional approval and requiring at least $60m in tier 1 capital.
- PNC Bank is piloting USDC payments for eligible corporate and institutional clients, with incoming stablecoins converted into dollars.
- COIN traded at $136.76 after the open on 9 Nov, down almost 40% since the start of 2026 and 57% over a year.
Coinbase secured final federal approval for its national trust bank on 6 Nov 2026, Bitcoin.com News reports, and announced the Coinbase National Trust Company charter on Monday alongside a PNC Bank stablecoin pilot. The Office of the Comptroller of the Currency upgraded the conditional approval it gave on 2 April, placing Coinbase's institutional custody work under direct federal supervision.
The charter does not make Coinbase a commercial bank. Coinbase must keep at least $60m in tier 1 capital, and its institutional custody business is expected to move to the trust entity over three years. Trading, staking and financing stay outside its remit.
Reuters reported that Pittsburgh-based PNC is running a limited USDC payments pilot for eligible corporate and institutional clients, converting incoming stablecoin payments into dollars automatically. Tom Lang, PNC's head of treasury management product and operations, said the bank is testing and learning with clients. The pilot builds on PNC's July 2025 choice of Coinbase infrastructure and its December 2025 spot Bitcoin trading launch.
The news lands as Coinbase shares struggle. Coinbase joins Circle and Ripple in holding final national trust approval, though the Independent Community Bankers of America is challenging the OCC's authority in court.
Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.