ZeroHash, which develops behind-the-scenes crypto infrastructure for businesses, said it has applied for a National Trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC), seeking to operate under federal regulatory oversight.
If approved, the charter would give ZeroHash authorization to issue stablecoins, maintain digital assets, and manage reserves under direct federal oversight. It would not be allowed to accept customer deposits or make commercial loans.
This status could allow the Chicago-based company, which already holds licenses in 51 U.S. jurisdictions and operates internationally, to expand its stablecoin and digital asset services within a single federal framework, rather than navigating a patchwork of state-by-state rules.
ZeroHash is following a path blazed by a number of other crypto companies. Over the past month, several companies have received initial approval for national bank trust charters. These include Stripe’s stablecoin 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, the ZeroHash platform allows businesses to integrate stablecoins and digital asset functionality into services such as payments, trading and payroll.
Its clients include financial heavyweights like Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
Concretely, a federal trust charter would allow ZeroHash to offer services consistent with recent legislative developments, including the provisions of the Genius Act, which clarifies the legal treatment of stablecoins in the United States.
The OCC is currently reviewing the request. No timeline for approval was given.
