In December 2025, the Office of the Comptroller of the Currency conditionally approved national trust bank charters for five firms, including Ripple, BitGo, Fidelity Digital Assets, Paxos, and First National Digital Currency Bank.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Banks, asset managers, corporations and pension funds moving into digital assets through custody launches, trading desks and treasury allocations.