Blockchain infrastructure company Zerohash has applied for a "National Trust Bank" license from the U.S. Office of the Comptroller of the Currency (OCC). Zerohash, which provides stablecoin payments and custody to traditional financial institutions (TradFi), is seeking to expand its business within the federal regulatory framework, and this move is expected to impact the future competitive landscape of crypto "payment rails."
ZeroHash announced in a statement on the 5th (local time) that it would operate as a federally regulated trust bank after receiving a license from the OCC. If approved, ZeroHash will secure a favorable institutional foundation for expanding its current stablecoin-related services and custody capabilities to banks, securities firms, and fintech clients.
The company explained, "The federal legislative and regulatory environment for stablecoins and digital assets is rapidly maturing. Obtaining an OCC National Trust Bank charter will allow us to expand our service offerings within the federal framework, encompassing activities covered by the GENIUS Act." Key partners for ZeroHash include Morgan Stanley, Interactive Brokers, Stripe, and Franklin Templeton.
This application was submitted on February 27th under the name "ZeroHash National Trust Bank." The National Trust Bank license is considered a license that allows the bank to perform fiduciary duties, including trust services, custody, and asset custody and security management. This license has emerged as one of the most actively sought by the crypto industry and fintech companies, particularly since President Trump signed the stablecoin-focused GENIUS Act in July of last year.
Indeed, the OCC granted conditional licenses to Crypto.com, Bridge, and Stripe last month. In December, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos secured conditional banking licenses. This demonstrates a growing trend for stablecoin operators and custodians to expand their reach with traditional financial institutions through "bank status under federal regulation."
Crypto and fintech firms lining up for approval… Coinbase and WLFI also waiting.
Morgan Stanley, a partner of ZeroHash, also announced on the 2nd (local time) that it had recently applied for a banking license. Payment and financial services company Payoneer submitted its application on February 24th.
World Liberty Financial (WLFI), a company with ties to the Trump family, also applied for approval in January to expand the use of its USD1 stablecoin, but has yet to receive a decision. Crypto trading platform Laser Digital also joined the application process in January, while Coinbase is still awaiting a decision after applying in October of last year.
Jonathan Gould, the head of the OCC and the Office of the Comptroller of the Currency, said in December that “new players entering the federal banking sector are positive for consumers, the banking industry, and the economy,” adding that they expand new services and products and credit channels, and help maintain the competitiveness and dynamism of the banking system.
The market is watching closely to see whether ZeroHash's recent approval push will further accelerate the competition for institutional integration in stablecoin payments and custody. As traditional financial institutions prefer partners with high regulatory certainty, National Trust Bank's approval is emerging as a key variable that will determine the future landscape and cooperative relationships in the crypto payment infrastructure market.
🔎 Market Interpretation
ZeroHash's application for OCC "National Trust Bank" approval reinforces the push to bring stablecoin payments and custody within the "federal regulatory framework."
The OCC has granted/approved conditional licenses to Crypto.com, Circle, Ripple, and BitGo, intensifying competition for trustworthy "regulated partners" for traditional finance (TradFi).
The stablecoin payment rail is moving beyond a technological competition, with "who will secure federal regulatory status first" becoming a key variable in partnerships and distribution.
💡 Strategy Points
- Once approved, ZeroHash will be advantageous in expanding stablecoin settlement/custody services for banks, securities firms, and fintechs (expected to reduce counterparty risk and compliance burden).
As federal regulations, such as the GENIUS Act, become clearer, licensed operators are likely to gain an advantage in onboarding (partnership/client acquisition) with large financial institutions.
- There is strong pent-up demand from Coinbase, WLFI, and others, and the market share of payment and custody infrastructure could be rapidly reorganized depending on the speed and conditions of approval.
📘 Glossary
- OCC (Office of the Comptroller of the Currency): A U.S. federal banking regulatory agency responsible for issuing and supervising specific banking licenses.
- National Trust Bank: Unlike commercial banks that focus on deposits and loans, a federally licensed bank focused on performing fiduicidal duties such as trusts, custody, and asset custody.
Custody: A service that safely stores and manages customer assets (including digital assets).
- Stablecoin payment rails: The overall infrastructure/network that processes settlements, remittances, and payments using stablecoins.
- GENIUS Act: A federal legislative framework focused on stablecoins (linked to business scope and regulatory compliance standards) mentioned in the article.
💡 Frequently Asked Questions (FAQ)
Q.
What does it mean that Zerohash has applied for National Trust Bank approval?
By obtaining a federal license overseen by the Office of the Comptroller of the Currency (OCC), ZeroHash intends to operate as a trust bank focused on "trust/custody/asset custody." Once approved, it will be easier to offer stablecoin payments and digital asset custody services to a wider range of clients from traditional financial institutions (banks, securities firms, and fintech firms).
Q.
How is it different from a regular bank license?
National Trust Bank primarily focuses on "fiduicidal business" (trusteeship, asset custody, and security management). In the context of the article, rather than expanding its deposit and loan business, its primary goal is to provide a regulated digital asset custody and settlement infrastructure, enabling traditional financial institutions to connect with it with confidence.
Q.
Why is this licensing competition important to the stablecoin/crypto market?
Because traditional financial institutions prefer partners with high regulatory certainty, OCC approval can significantly impact partnerships, customer acquisition, and payment rail adoption. With Crypto.com, Circle, Ripple, and BitGo already on the path to conditional approval, who secures approval first and under what conditions will likely be a defining variable in the payment and custody infrastructure market.
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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