ZeroHash, which develops behind-the-scenes crypto infrastructure for businesses, said it has applied for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC) in the hope of operating under federal regulatory oversight.
If approved, the charter would allow ZeroHash to issue stablecoins, custody digital assets and manage reserves under direct federal supervision. It is not allowed to accept customer deposits or engage in commercial loans.
The status could allow the Chicago-based company to expand its stablecoin and digital asset services under a single federal framework rather than having to follow a patchwork of state-by-state rules. The company already holds licenses in 51 U.S. jurisdictions and operates internationally.
ZeroHash is following the path blazed by many other cryptocurrency companies. Several companies have received preliminary approval for state bank trust licenses in the past month. These include Stripe’s stablecoin company 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 companies to embed stablecoin and digital asset functionality into services such as payments, trading and payroll.
Clients include financial giants such as Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.
In effect, the federal trust charter will allow ZeroHash to provide services consistent with recent legislative developments, including provisions in the Genius Act, which clarifies the legal treatment of stablecoins in the United States.
The OCC is currently reviewing the application. No timetable has been given for approval.
