Blockchain infrastructure firm Zerohash has applied for a US national trust bank charter, a step that could solidify its role as a crypto payment rail provider for traditional finance. The company said on Wednesday it submitted an application for an Office of the Comptroller of the Currency (OCC) license to operate a federally regulated trust bank on Feb. 27, enabling it to expand stablecoin and custody services for the banks, brokerages and fintechs it serves.
Zerohash said an OCC national trust bank charter would allow it to broaden service offerings within a federal framework as the legislative and regulatory landscape for stablecoins and digital assets matures, including activities covered by the GENIUS Act. Notable partners include Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
A national trust bank charter authorizes fiduciary activities such as trust services, custody and asset safekeeping and has been highly sought since President Trump signed the stablecoin-focused GENIUS Act into law in July. The OCC recently issued conditional licenses to Crypto.com, Bridge and Stripe, adding to December’s charter approvals for Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.
Other firms awaiting OCC decisions or filing applications include Morgan Stanley (which revealed its own recent application), Payoneer (filed Feb. 24), the Trump family’s World Liberty Financial (applied in January to expand its USD1 stablecoin), Laser Digital (applied in January) and Coinbase (awaiting a decision since October). In December, Comptroller of the Currency Jonathan Gould said new federal banking entrants are beneficial for consumers, the banking industry and the economy by expanding access to products, services and sources of credit while keeping the banking system competitive and dynamic.
