ZeroHash Applies for National Trust Bank Charter as OCC Crypto Pipeline Grows
ZeroHash, a stablecoin infrastructure company, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. This charter would allow ZeroHash to offer specialized digital asset services—such as digital asset and fiat custody, custodial staking, validation, transfer agent services, trade execution, stablecoin management, settlement, clearing, and escrow services—but not traditional retail banking, lending, deposit accounts, or FDIC-insured products. Recently, Mastercard considered acquiring ZeroHash, but the deal was not finalized; instead, ZeroHash secured $250 million in funding at a $1.5 billion valuation. The OCC’s list of digital asset-related charter applications is growing, with past approvals for Circle, Ripple, Paxos, Fidelity, and BitGo. The timeline for a decision on ZeroHash’s application is unclear. Separately, UK fintech Revolut has applied for a full-service U.S. banking charter to offer checking, savings, and potentially crypto services, reinforcing the U.S. as a core market and participating in the UK’s stablecoin regulatory pilot program.
