The U.S. Office of the Comptroller of the Currency (OCC) has fully approved Coinbase’s application to operate as a nationally chartered trust bank. Coinbase National Trust completed its go-live process on November 6, upgrading from the conditional approval received on April 2. The charter will help Coinbase grow its digital-asset custody business, move deeper into payments, and may support issuing its own stablecoin while helping other crypto firms issue and manage tokens. Since the start of the second Trump term, a wave of crypto firms has applied for federal trust charters, but only three have completed the process: Coinbase, Circle (July) and Ripple (October 26).

PNC Bank announced incoming USDC payments for its Corporate & Institutional Banking (C&IB) clients: clients can receive USDC on Ethereum, automatically converted 1:1 to U.S. dollars by Coinbase Payment products and deposited into designated PNC accounts. The service is a limited pilot for eligible clients, complementing PNC’s faster-payments capabilities and extending its existing relationship with Coinbase (direct bitcoin access since December 2025). Corporate clients need no wallet, exchange account or custody arrangement — the stablecoin acts as a transport rail, and the bank deposit remains the final product.

Morgan Stanley announced it has agreed to acquire Vinyl Equity — an SEC-registered, digital-first transfer agent and shareholder recordkeeping platform founded in 2022. The deal is expected to close in Q1 2027 with integration costs around $65 million. Vinyl will join Morgan Stanley at Work, giving companies a single platform for cap table management, equity administration, share transfer and wealth management. Jed Finn, head of Morgan Stanley Wealth Management, said blockchain, atomic settlement and tokenization are reshaping the industry, and Vinyl’s digital-first technology will help the firm advance how ownership is recorded, transferred and managed. In October, Morgan Stanley completed tokenized U.S. stock and Treasury pilots via DTCC.

Tokenization platform Securitize (NYSE: SECZ) announced a definitive agreement to acquire River Credit Labs (River One). River One is an institutional asset-backed financing platform incubated by Framework Ventures with backing from Maple Finance, focused on using stablecoin capital to fund warehouse facilities backed by income-generating assets such as small business loans and receivables. The deal is expected to close in Q4 2026. The acquisition layers asset-backed lending onto Securitize’s tokenization infrastructure, opening access to a global private asset-backed finance market KKR estimates at $6 trillion, potentially $9.2 trillion by 2029. In Q3 results released the same day, Securitize reported average tokenized assets of $5.0 billion (+39% YoY), revenue of $18.6 million, and a $50 million buyback authorization.

The European Central Bank, the European Commission and ESMA jointly opened nominations on November 9 for the European Tokenisation Standards Group (ETSG), with applications due November 27. The group will be led by industry participants with the three authorities acting as observers, starting work in January 2027 and targeting an initial set of standards tied to the Eurosystem’s Appia roadmap in early 2028. Its mandate covers holding and settling tokenized securities across different DLT platforms and between DLT and legacy infrastructure, plus a framework to monitor implementation. ECB Executive Board member Piero Cipollone has warned that Europe’s fragmentation — 31 central securities depositories, 14 central counterparties and 323 trading venues — could be compounded without shared standards.