Leading crypto-as-a-service provider Zerohash has officially applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC) – a U.S. federal agency that oversees national banks and ensures the stability and compliance of the banking system.
A national bank trust charter authorizes a financial institution to engage in fiduciary activities such as trust services, custody, and asset management. Unlike traditional banks, they cannot take deposits or issue loans, but can hold assets in custody.
The blockchain infrastructure firm believes that the move could strengthen its position as a crypto payment rail provider to the TradFi sector by expanding its stablecoin and custody services. The Chicago-based company currently provides crypto-related services for banks, brokerages, and fintech platforms.
According to a Bloomberg report, the filing would establish the “Zero Hash National Trust Bank,” which would provide custody for digital assets, fiat currency, and other assets. The entity would also offer custodial staking, transfer agent services, and stablecoin management. The charter allows the company to transcend the patchwork of state-by-state money transmitter licenses, moving instead under the singular supervision of the OCC. An approval would enhance services for its partners, such as Morgan Stanley, BlackRock, Franklin Templeton, Stripe, and Kalshi.
Zerohash chief legal officer Stephen Gardner has been named as the proposed chief executive officer of the trust bank.
This filing places the company among a growing group of crypto and fintech firms seeking federal trust charters after U.S. President Donald Trump signed the stablecoin-focused GENIUS Act into law in July 2025. In December, the OCC granted conditional approval for trust charters requested by Circle Internet Group Inc., Ripple, BitGo Inc., Fidelity Digital Assets, and Paxos. Last month, similar licenses were awarded to Crypto.com, Bridge, and Stripe.
Zerohash’s partner, Morgan Stanley, said on Friday that it has applied for a bank charter, while financial services firm Payonner submitted a similar application with the OCC on February 24. Trump family-backed World Liberty Financial (WLFI) revealed that it filed for a national bank charter in January to expand the use case of its USD1 stablecoin, subject to approval. Crypto trading platform Laser Digital also submitted an application in January, while Coinbase has been awaiting a decision on its proposal since October 2026.
In December, Jonathan Gould, the Comptroller of the Currency, said that the entry of digital asset service providers to the federal banking sector is “good for consumers, the banking industry, and the economy” as they offer access to new products, services, and sources of credit, while ensuring that the banking system remains competitive and dynamic.
Crypto Exchange Kraken Secures Fed Master Account
Meanwhile, earlier today, American crypto exchange Kraken marked a major milestone by announcing the securing of a Federal Reserve master account. This gives the company direct access to the U.S. central bank’s core payment infrastructure.
The approval received by Kraken Financial, Kraken’s banking arm, from the Federal Reserve Bank of Kansas City allows it to settle USD transactions directly through Fedwire, eliminating the need for an intermediary bank. This move effectively proves that a crypto firm can meet the stringent risk-management standards required by the Fed.
While the master account grants direct payment access, Kraken won’t receive the full benefits of a traditional bank, such as earning interest on its reserves or borrowing from the Fed’s lending facilities. Other crypto-focused firms like Ripple and Custodia Bank have sought similar access, but regulatory approval remains selective at this stage.
Kraken’s greenlight also aligns with discussions by the Federal Reserve governors on granting crypto firms “skinny” master accounts, which allow limited Fed access without full banking privileges.