Coinbase says its federal trust charter is final. Don't call it a retail bank.

The charter doesn't authorize ordinary retail deposit-taking or conventional commercial lending, according to CoinDesk and crypto.news. And federal supervision doesn't come with federal deposit insurance for your crypto: American Banker reports that assets consumers hold at these trusts aren't covered. Source Source Source

“We’ve spent years asking for clear rules and rigorous oversight, and today’s approval of our national trust charter puts more of our business behind that commitment,” Coinbase Vice Chairman Ryan VanGrack said in a statement reported by CoinDesk. Source

Can Coinbase issue stablecoins under this charter?

American Banker reports that Coinbase's immediate focus is custody, with ambitions to eventually move into stablecoin issuance, servicing, arrangements for other companies to offer stablecoins, and payments. Source

crypto.news says the charter doesn't authorize stablecoin issuance, while Bloomberg reports that it could allow Coinbase to issue stablecoins, citing people familiar with the matter. Coinbase's announcement focuses on custody and doesn't specify stablecoin issuance permissions. Source Source Source

The Independent Community Bankers of America has sued the OCC, arguing that the regulator overstepped its authority in granting crypto trust charters, CoinDesk reports. Source Source