TL;DR
- Crypto Banks Wave: Six major crypto firms, including BitGo, Circle, Erebor, Fidelity Digital Assets, Paxos, and Ripple, secured preliminary approval to pursue US national bank licenses.
- Erebor’s Early Lead: Erebor Bank is closest to launch after rising demand for crypto-friendly banking following the Silicon Valley Bank collapse.
- Stablecoin Expansion: Stablecoins gain momentum as Visa, Mastercard, Coinbase, and Tether prepare new compliant assets under the US Genius Act.
The push for crypto integration into traditional finance is accelerating as six major crypto companies secure preliminary approval for US banking licenses, setting the stage for a transformative 2026. After years of strained relationships with commercial banks, the sector is preparing for a new phase where crypto firms operate as fully regulated national banks, supported by rising stablecoin adoption and a more favorable regulatory climate.
Crypto Firms Move Toward National Bank Status
In 2025, a wave of crypto startups began pursuing national bank licenses, signaling a shift toward deeper alignment between decentralized assets and traditional finance. The list of conditionally approved entities includes BitGo Holdings, Circle Internet Group, Erebor Bank, Fidelity Digital Assets, Paxos Holdings LLC, and Ripple Labs. This movement follows long-standing challenges, as many commercial banks were reluctant to send funds to crypto exchanges. Analysts now expect more approvals in 2026, reflecting regulators, fintech innovators, and banks finally moving in the same direction.
Erebor Bank and the Post SVB Demand Surge
Among the approved entities, Erebor Bank stands out, having already received preliminary approval and positioning itself for a 2026 launch. Demand for crypto-friendly banking surged after the Silicon Valley Bank collapse, which exposed vulnerabilities in traditional banking relationships for digital asset firms. The new wave of crypto banks aims to provide direct access to essential payment rails, including the Automated Clearing House and Fedwire Fund Service, reducing reliance on intermediaries.
Fintech Momentum and Regulatory Alignment
Industry leaders describe 2025 as a year of testing the waters, with 2026 expected to deliver synchronized progress across fintech companies and regulators. PayPal and Stripe, both reengaging with digital assets, are also preparing to seek banking licenses, while Coinbase Global awaits pending approval. This alignment marks a pivotal moment where crypto adoption increasingly mirrors mainstream fintech behavior.
Stablecoins Strengthen the Crypto Banking Thesis
Stablecoins continue to reinforce crypto’s utility, proving reliable for settlement and cross-border payments. The US Genius Act opened the door for new stablecoin issuers, and 2026 may see a surge of launches from banks, payment operators, and crypto natives. Visa and Mastercard plan to introduce stablecoins, while Coinbase’s white-label service enables third parties to create their own branded assets. Even Tether is preparing a fully compliant new asset, signaling a competitive stablecoin landscape ahead.
