Blockchain infrastructure company Zerohash has announced that it has applied for a US national trust bank charter, a move that could strengthen its role as a crypto payment infrastructure provider for the traditional finance sector.
On Wednesday, the firm said it is seeking a license from the Office of the Comptroller of the Currency to operate as a federally regulated trust bank. The charter would allow Zerohash to expand its stablecoin and custody services for the banks, brokerages and fintech companies it currently serves.
The company stated that as the US regulatory and legislative environment for stablecoins and digital assets continues to evolve, securing an OCC National Trust Bank charter would enable Zerohash to broaden its offerings within a federal regulatory framework, including activities covered under the GENIUS Act.
Some of Zerohash’s notable partners include Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
The application for “zerohash national trust bank” was submitted on Feb. 27, according to the filing.
A national trust bank charter allows financial institutions to carry out fiduciary activities, including trust services, custody and asset safekeeping.
Such licenses have become highly sought after since Donald Trump signed the stablecoin-focused GENIUS Act into law in July.
Last month, the Office of the Comptroller of the Currency granted conditional licenses to Crypto.com, Bridge and Stripe. These approvals added to the list of firms that previously secured conditional banking charters in December, including Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.
Meanwhile, other companies are still awaiting decisions on their applications. Zerohash partner Morgan Stanley revealed on Friday that it also applied for a bank charter last month, while financial services firm Payoneer submitted its application on Feb. 24.
The Trump family’s World Liberty Financial also applied for a bank charter in January as it seeks to expand the use of its USD1 stablecoin, though the application is still pending approval.
Crypto trading platform Laser Digital submitted its own application in January, while Coinbase has been awaiting a decision on its application since October.
In December, Jonathan Gould, the Comptroller of the Currency at the Office of the Comptroller of the Currency, said that new entrants into the federal banking system are beneficial for consumers, the banking sector and the broader economy. He noted that such participants can introduce new financial products, services and sources of credit while helping ensure the banking system remains competitive and dynamic.
