Issuer Licensing & Charter Tracking
Mapping stablecoin charter applications, licensing status, reserve models, and attestation schedules — jurisdiction by jurisdiction, issuer by issuer.
13 OCC charter applications in 83 days
Timeline
The GENIUS Act created the first US federal stablecoin framework in July 2025. Within 83 days of the OCC opening its charter application window, 13 companies filed for national trust bank status. Below: the key events from signing to MiCA enforcement.
Issuer Profiles
Charter type, jurisdictional authorization, reserve composition, attestation cadence, chain deployment, and freeze/burn capability — verified as of March 2026. Click any row for expanded detail.
| Issuer | Asset | License / Charter | Jurisdictions | Reserve Model | Attestation | Provider | Chains | Freeze/Burn | OCC Status |
|---|---|---|---|---|---|---|---|---|---|
| Circle | USDC | OCC National Trust · EU EMI (ACPR) | US, EU (27 states), 60+ countries | Cash, T-bills, overnight reverse repos, money market funds | Monthly | Deloitte | Ethereum, Base, Solana, Arbitrum, Polygon, Optimism, Avalanche, Stellar, 24+ chains | Freeze only (court order) | APPROVED |
| Tether | USDT / USAT | NY Limited Purpose Trust · Anchorage (USAT) | US, 150+ countries, EU (pending MiCA) | T-bills (75.9%), repos (12.1%), money market funds (11.1%), cash (0.1%) | Monthly (moving to full audit) | BDO Italia → KPMG + PwC | Ethereum, TRON, BNB, Solana, Avalanche, Polygon, Arbitrum, TON, Aptos, 15+ chains | Yes — ~$3.3B frozen historically | N/A |
| Paxos | USDP · PYUSD (issuer) | OCC National Trust · NYDFS Trust · MAS (Singapore) | US, Singapore, 70+ markets (via PYUSD) | 100% cash and cash equivalents, T-bills | Monthly | WithumSmith+Brown | Ethereum, Solana, Arbitrum, Stellar, TRON, Avalanche, Sei, BNB, Polygon | Standard custodian model | APPROVED |
| Fidelity | FIDD | OCC National Trust (Fidelity Digital Assets, N.A.) | United States | Cash, cash equivalents, short-term U.S. Treasuries | Monthly | PwC | Ethereum | Not disclosed | APPROVED |
| Ripple | RLUSD | OCC National Trust · NYDFS Limited Purpose Trust | US, Japan (via SBI), Singapore (MAS sandbox) | USD cash, overnight reverse repos, short-term T-bills, money market funds, insured deposits | Monthly | Deloitte | XRP Ledger, Ethereum, Optimism, Base, Ink Chain | Not disclosed | APPROVED |
| World Liberty Financial | USD1 | OCC Charter pending | US, Pakistan (strategic agreement) | Cash, money market funds, short-term T-bills (100% collateralized) | Monthly (intended — behind schedule) | Independent firm (via BitGo custody) | Ethereum, BNB, Solana, TRON, Aptos, AB Core, 10 chains total | Not disclosed | PENDING |
| Bridge / Stripe | White-label platform | OCC National Trust (Bridge National Trust Bank) | US, 100+ countries (via Visa partnership) | 1:1 USDC backing or flexible USD collateral; Treasury holdings via BlackRock/Fidelity/Superstate | Per-issuer (platform model) | Per-issuer; reserve custody via BlackRock, Fidelity | Ethereum, Solana, Polygon, Arbitrum, Optimism, Base, Avalanche, BNB | Platform-dependent | APPROVED |
| Coinbase | Open Issuance (platform) | OCC Charter pending | US, global (via partner integrations) | Flexible collateral (USDC + USD stablecoins); segregated custody via Coinbase Prime | Per-issuer | Delegated to custom issuers | Ethereum, Base, Solana, Polygon, Arbitrum, Optimism | Platform-dependent | PENDING |
| Frax Finance | frxUSD | Preparing OCC charter (GENIUS Act pathway) | United States (compliance in progress) | Tokenized Treasuries (BlackRock BUIDL, Superstate USTB, WisdomTree WTGXX), cash equivalents | Monthly (BPM — not yet public) | BPM | Ethereum, Fraxtal (L2), Solana, Arbitrum, Base, Polygon, Avalanche, Optimism | Not disclosed | PREPARING |
| PayPal | PYUSD | OCC National Trust (via Paxos issuer) | 70 markets globally | 100% cash and short-term T-bills (managed by Paxos) | Paxos transparency reports | WithumSmith+Brown (via Paxos) | Ethereum, Solana (primary rail), Arbitrum, Stellar, TRON, Avalanche, Sei, BNB | Standard Paxos model | APPROVED |
Sources: OCC conditional approval letters (Dec 2025 – Feb 2026); issuer transparency reports and press releases; NYDFS, MAS, and ACPR regulatory filings. Data verified March 31, 2026.
Regulatory Frameworks
No single framework governs stablecoin issuance globally. Issuers navigate overlapping national and supranational regimes — each with distinct licensing thresholds, reserve requirements, and reporting obligations.
United States
GENIUS Act — Federal Stablecoin Framework
Signed July 2025. Creates Permitted Payment Stablecoin Issuer designation. OCC chartering path for national trust banks. 1:1 reserve requirement with approved instruments (cash, T-bills, repos, money market funds). Full implementation runs 2026–2027. 13 charter applications filed in the first 83 days of the application window.
European Union
MiCA — Markets in Crypto-Assets Regulation
Full enforcement July 1, 2026. Classifies stablecoins as e-money tokens (EMTs) or asset-referenced tokens (ARTs). Requires e-money institution license from a national competent authority. Circle achieved MiCA compliance in July 2024 via ACPR (France). Remaining EU-touching issuers face compliance deadline in 91 days.
UAE / Dubai
FSMR — Virtual Assets Regulatory Authority
VARA operates under the Dubai Financial Services Authority umbrella. Virtual Asset Service Provider (VASP) license required for stablecoin issuance and exchange operations within Dubai. Separate from federal UAE Central Bank regime. Growing hub for issuers seeking non-US, non-EU jurisdictional coverage.
Singapore
PSA — Payment Services Act (MAS)
Monetary Authority of Singapore regulates stablecoins under the Payment Services Act. Major Payment Institution license required for digital payment token services. Paxos (USDG) is MAS-regulated. Ripple testing RLUSD in the MAS BLOOM regulatory sandbox as of March 2026.
The network
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StableCharter
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