Blockchain infrastructure company Zerohash has announced that it has applied for a national trust bank charter in the United States – a move that could strengthen the company’s position as a crypto payment rail provider in the TradFi sector.
On Wednesday, Zerohash said it was seeking a license from the Office of the Comptroller of the Currency to operate a federally regulated trust bank, allowing it to expand its stablecoin and custody services to the banks, brokerages and fintechs it serves.
“With the federal legislative and regulatory landscape for stablecoins and digital assets rapidly maturing, an OCC National Trust Bank charter will allow Zerohash to continue to expand its service offerings within a federal framework, including activities that fall under the GENIUS Act.”
Some of its most notable partners include Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
Source: Zero hashing
The request to establish a “Zerohash National Trust Bank” was submitted on February 27.
A national bank trust charter authorizes a financial institution to engage in fiduciary activities such as trust services, custody, and safekeeping of assets.
This is one of the most sought-after licenses since US President Donald Trump signed the stablecoin-focused GENIUS Act into law in July.
The OCC issued conditional licenses to Crypto.com, Bridge and Stripe last month, adding to banking charters won by Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos with conditional approval in December.
Coinbase and WLFI among candidates awaiting response
Zerohash partner Morgan Stanley revealed on Friday that it had also applied for a banking charter last month, while financial services company Payoneer submitted an application in February. 24.
Source: Zerohash
The Trump family’s World Liberty Financial also requested one in January to expand the use of its $1 USD ($1 USD) stablecoin, but is still waiting for a decision.
Related: Morgan Stanley taps Coinbase and BNY for custody of Bitcoin ETFs
Crypto trading platform Laser Digital also submitted an application in January, while Coinbase has been awaiting a decision on its application since October.
In December, Comptroller of the Currency Jonathan Gould said new entrants to federal banking were “good for consumers, the banking industry and the economy” because they provide access to new products, services and sources of credit for consumers, while ensuring the banking system remains competitive and dynamic.
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