ZeroHash, which develops behind-the-scenes crypto infrastructure for businesses, said it applied for a National Trust Bank Charter from the US Office of the Comptroller of the Currency (OCC), seeking to operate under federal regulatory oversight.
If approved, the charter would authorize ZeroHash to issue stablecoins, store digital assets and manage reserves under direct federal oversight. It would not be permitted to take customer deposits or participate in commercial lending.
That status could allow the Chicago-based company, which already has licenses in 51 US jurisdictions and operates internationally, to expand its stablecoin and digital asset services under a single federal framework rather than navigating a patchwork of state-by-state regulations.
ZeroHash follows a path forged by a number of other crypto companies. In the past month, several firms have received initial approval for national bank trust charters. These include Stripe’s stablecoin firm Bridge and cryptocurrency exchange Crypto.com. In December, Circle Internet (CRCL), Ripple, Paxos, Fidelity Digital Assets, and BitGo all received similar approvals.
Founded in 2017, ZeroHash’s platform enables businesses to integrate stablecoins and digital asset functionality into services such as payments, commerce and payroll.
Clients include financial heavyweights such as Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
In practical terms, a federal trust charter will allow ZeroHash to offer services that comply with recent regulatory developments, including provisions of the Genius Act, which clarify the legal treatment of stablecoins in the United States
The OCC is now reviewing the application. No timetable has been given for approval.
