OCC Grants Catena Preliminary Conditional Approval for National Trust Bank

The significance lies in the combination: a national trust charter covering digital assets alongside conventional fiat and securities custody signals continued federal willingness to fold crypto custody into existing banking structures rather than a separate regime. Preliminary conditional approval is not an operating license, and the capital, liquidity and preopening conditions are where such applications typically stall, so the practical effect depends entirely on execution. The open question is whether this becomes a template other custodians pursue, or remains an outlier.