Cryptocurrency infrastructure firm Zerohash has officially entered the competitive race for a U.S. national trust bank charter by submitting its latest application to the Office of the Comptroller of the Currency (OCC). This strategic move positions Zerohash among a growing cohort of digital asset companies seeking federal oversight to expand their institutional service offerings.
Zerohash’s National Trust Bank Charter Application
Zerohash US LLC filed its application with the OCC on March 4, 2026, aiming to establish a national trust bank that would offer a suite of digital asset services. These include custody of digital assets and fiat currency, custodial staking and validation, transfer agent services, trade execution, stablecoin management, and settlement, clearing, and escrow services . The company’s Chief Legal Officer, Stephen Gardner, has been proposed as the CEO of the new trust bank .
This application follows in the footsteps of other major crypto firms—such as Ripple, Circle, BitGo, Paxos, and Fidelity Digital Assets—that have already applied for or received conditional approval for national trust bank charters .
Significance of the Charter for Zerohash
Securing a national trust bank charter would not enable Zerohash to conduct traditional banking activities like accepting deposits or issuing loans. However, it would allow the company to operate under a federal regulatory framework, enhancing its credibility and appeal to institutional clients .
A key advantage of such a charter is the potential access to the Federal Reserve’s payment systems, including FedWire, which would enable faster and more efficient settlement of digital asset transactions . This capability could help Zerohash transition from a third-party infrastructure provider to a primary custodian for major institutional clients, including Morgan Stanley, Franklin Templeton, Interactive Brokers, Kalshi, and BlackRock .
Regulatory Context and Competitive Landscape
The OCC’s regulatory environment is evolving rapidly. A new rule clarifying the authority for national trust bank charters takes effect on April 1, 2026, creating a narrow window for applications . Zerohash’s timely filing reflects its intent to capitalize on this regulatory momentum.
The OCC has already granted conditional approvals to several digital asset firms. In December 2025, Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets received conditional approval for their national trust bank charters . These approvals mark a significant shift in how digital asset activities are regulated at the federal level, especially following the enactment of the GENIUS Act in June 2025 .
However, not all stakeholders support this trend. The Independent Community Bankers of America (ICBA) has voiced strong opposition, arguing that nonbank fintech firms are seeking the benefits of a bank charter without meeting the full regulatory standards required of traditional banks .
Implications for Stakeholders
Institutional Clients
Institutional clients stand to benefit from Zerohash’s potential charter through enhanced regulatory oversight and improved settlement infrastructure. The ability to offer custody, staking, and stablecoin services under federal supervision could attract more institutional flows.
Regulatory Landscape
The OCC’s approach to approving or denying Zerohash’s application will signal how selective the agency will be in granting national trust charters. The outcome may influence the pace of institutional adoption of digital asset services .
Industry Competition
Zerohash’s entry intensifies competition among digital asset firms vying for federal legitimacy. As more players secure charters, the market for regulated digital asset infrastructure is likely to consolidate around those with federal oversight.
Traditional Banks
Traditional banks may face increased pressure as fintech and crypto firms gain federal charters. The ICBA’s opposition underscores concerns about regulatory parity and consumer protection .
Future Outlook
The OCC’s decision on Zerohash’s application will be closely watched. Approval could accelerate institutional adoption of digital asset services and reshape the custody landscape. Conversely, a denial or delay could signal a more cautious regulatory stance.
Legal challenges to the OCC’s rule change or public comment reviews may also impact the timeline . As the regulatory environment evolves, Zerohash’s ability to navigate these dynamics will be critical to its success.
Conclusion
Zerohash’s application for a national trust bank charter marks a pivotal moment in the convergence of digital assets and federal banking oversight. By seeking to expand its services under a regulated framework, Zerohash aims to elevate its role in institutional custody, staking, and stablecoin infrastructure. The OCC’s forthcoming decision will not only determine Zerohash’s trajectory but also shape the broader future of regulated digital asset services in the United States.
Frequently Asked Questions
What services would Zerohash’s national trust bank offer?
Zerohash’s proposed trust bank would provide custody of digital assets and fiat currency, custodial staking and validation, transfer agent services, trade execution, stablecoin management, and settlement, clearing, and escrow services .
Who is proposed to lead the trust bank?
Stephen Gardner, Zerohash’s Chief Legal Officer, has been nominated as the CEO of the proposed national trust bank .
Can Zerohash accept deposits or make loans with this charter?
No. The national trust bank charter does not allow Zerohash to conduct traditional banking activities such as accepting deposits or issuing loans .
Why is the OCC’s April 1, 2026 rule significant?
The new OCC rule clarifies the authority for national trust bank charters and establishes a tight application window. Zerohash’s timely filing aims to leverage this regulatory clarity .
Who else has applied for or received national trust bank charters?
Other firms include Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, which received conditional approvals in December 2025 .
What are the concerns raised by traditional banking groups?
The ICBA argues that nonbank fintech firms are seeking the benefits of a bank charter without meeting full regulatory standards, potentially posing risks to consumers and the financial system .
