Coinbase Gains Federal Oversight for $376 Billion Custody Business

Institutional clients, including pension funds and asset managers, seek counterparties that operate under federal supervision. Coinbase now has a regulatory position to attract those clients. The US Office of the Comptroller of the Currency granted the company conditional approval to form Coinbase National Trust Company. The charter covers custody, staking, and fiduciary services, replacing a state-by-state oversight structure with a federal regime across all 50 states. At the end of 2025, Coinbase held $376 billion in crypto assets under custody, representing nearly 13% of global crypto market capitalization. The trust company operates as a federally supervised non-insured custodian, and the company will not take retail deposits or use fractional reserve banking.