[Circle, Ripple, and Three Other Institutions Receive Conditional Approval for U.S. Trust Bank Licenses, Advancing Crypto-Traditional Finance Integration] BlockBeats News, December 13: The U.S. Office of the Comptroller of the Currency (OCC) has just conditionally approved trust bank licenses for Ripple, BitGo, DigitalAssets, Paxos, and Circle. 'Conditional approval' is a form of preliminary recognition, indicating that the OCC has reviewed the applications and determined that the companies generally meet regulatory requirements (such as capital adequacy, risk management frameworks, and business plans), but it is not a final license. Companies must meet specific conditions within a stipulated timeframe to transition to full operational status. Once all conditions are met, the OCC will issue a final, unconditional national trust bank license, allowing the companies to immediately exercise trust banking powers. These powers primarily include expanding core business operations, acting as trustees to manage client assets, processing payment settlements, custodial services for digital assets (such as stablecoin reserves), and providing related financial services. However, trust bank licenses differ from full-service bank licenses, as they do not permit accepting deposits or issuing loans. They may apply for a Federal Reserve master account to expedite settlements and access the traditional financial system, further promoting the integration of crypto and traditional finance.