ZeroHash has filed an application with the OCC to convert into a national trust bank, joining a growing list of Circle, Ripple, Paxos, and other major players in the cryptocurrency industry.
The stablecoin infrastructure company ZeroHash has just filed an application for a national trust bank license with the U.S. Office of the Comptroller of the Currency (OCC), marking the company's boldest legal move since its $250 million Capital round valuing it at $1.5 billion in January of this year.
According to the filing , ZeroHash National Trust Bank does not aim for a conventional retail banking model – no deposit accounts, no loans, no FDIC insurance – but focuses on building a specialized service ecosystem for crypto assets, including crypto and fiat currency custody, Staking and validation under a custody model, transaction execution, stablecoin management, and clearing, settlement, and escrow services.
This move reflects a trend of cryptocurrency infrastructure companies proactively seeking federal legal recognition rather than relying solely on state licenses – a strategy with higher compliance costs but offering superior legality and scalability in the long term.
OCC has become a crucial legal gateway for the entire cryptocurrency industry.
The list of applications for licenses at the OCC is rapidly expanding. Last December, the agency approved banking licenses for a number of big names in the cryptocurrency sector, including Circle, Ripple, Paxos, Fidelity, and BitGo. Currently awaiting approval are Morgan Stanley Digital Trust and World Liberty Trust Company – an organization believed to be linked to President Donald Trump's family.
The involvement of both traditional financial institutions and native crypto companies in the same licensing process reflects the increasing convergence between these two sectors under federal regulation.
Meanwhile, the UK-based fintech company Revolut has also just filed for a banking license in the US, but with a completely different approach compared to ZeroHash.
Instead of a specialized trust banking model, Revolut aims to operate as a fully functional bank serving American customers, including checking and savings accounts. The US is identified by the company as a cornerstone of its global growth strategy, with a vision to build the first truly global banking platform.
Revolut is also expanding into the cryptocurrency market, having been selected to participate in a stablecoin pilot program within the UK's regulatory sandbox – a program that will provide practical data for the stablecoin regulations expected to be issued later this year.
The OCC has not yet announced a decision date for ZeroHash's application. However, with a range of organizations from startups to large financial corporations simultaneously entering the federal regulatory arena, the wave of cryptocurrency licensing in the US is entering its most competitive and structurally impactful phase ever.
