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A charter would enable ZeroHash to function under a unified federal framework, as opposed to state-specific regulations, and provide services that are consistent with recent legislation.
ZeroHash submitted a request for a national trust bank charter in the U.S. (Wesley Tingey/Unsplash/Modified by CoinDesk)
What to know:
- ZeroHash, a cryptocurrency firm based in Chicago, has applied for a National Trust Bank Charter from the OCC to seek federal regulation for its stablecoin and digital asset offerings.
- A charter would permit ZeroHash to function under a unified federal framework instead of state-specific regulations, and offer services in accordance with recent legislation.
- ZeroHash joins other companies such as Stripe, Crypto.com, and Circle Internet in obtaining similar approvals.
ZeroHash, which builds crypto infrastructure for enterprises, announced its application for a National Trust Bank Charter from the U.S. Office of the Comptroller of the Currency (OCC), aiming to operate under federal regulatory supervision.
If granted, the charter would authorize ZeroHash to issue stablecoins, hold digital assets in custody, and manage reserves under direct federal oversight. It would not be permitted to accept customer deposits or participate in commercial lending.
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This designation could enable the Chicago-based firm, which currently possesses licenses in 51 U.S. jurisdictions and operates globally, to broaden its stablecoin and digital asset services under a consolidated federal framework, rather than navigating a diverse array of state regulations.
ZeroHash is following in the footsteps of several other cryptocurrency enterprises. Recently, multiple firms have received preliminary approval for national bank trust charters, including Stripe’s stablecoin initiative Bridge and the cryptocurrency exchange Crypto.com. In December, Circle Internet (CRCL), Ripple, Paxos, Fidelity Digital Assets, and BitGo also secured similar approvals.
Founded in 2017, ZeroHash’s platform allows businesses to integrate stablecoins and digital asset capabilities into their services, such as payments, trading, and payroll.
Its clientele includes prominent financial institutions like Morgan Stanley, Interactive Brokers, Stripe, and Franklin Templeton.
In practical terms, a federal trust charter would enable ZeroHash to provide services that are in line with recent legislative changes, including aspects of the Genius Act, which clarifies the legal status of stablecoins in the U.S.
The OCC is currently evaluating the application. No schedule for approval has been announced.
