Crypto Banking Charter Race: Zerohash Joins Circle And Ripple In OCC Application Wave
Zerohash filed an application with the Office of the Comptroller of the Currency on March 4 for a national trust bank charter, placing the Chicago-based blockchain infrastructure firm alongside Circle, Ripple, and others in a growing queue of crypto companies seeking federal licensing. The move follows conditional OCC approvals granted to Ripple, Circle, Paxos, Fidelity Digital Assets, and Paxos in late 2025, and a full approval granted to BitGo in December of the same year. The pattern is now clear: the federal banking framework is being systematically colonized by digital asset firms.
What Zerohash Is Actually Asking For
A national trust bank charter is not a full banking license. Institutions operating under this designation cannot take deposits or issue loans, and they carry no FDIC insurance. What they can do is hold assets in custody, conduct fiduciary activities, offer settlement services, and manage stablecoins under a unified federal framework rather than a patchwork of state-by-state money transmitter licenses.
Zerohash’s proposed trust bank would provide custody for digital assets, fiat currency, and other assets. The entity would also offer custodial staking, transfer agent services, and stablecoin management. Stephen Gardner, the company’s chief legal and compliance officer, is listed as the proposed CEO of the trust bank. Gardner described the application as a logical progression given the rapidly maturing federal legislative landscape, pointing specifically to the GENIUS Act as a driver.
The company serves banks, brokerages, and fintech platforms. Its client list includes prediction markets platform Kalshi and asset manager BlackRock. Earlier this year, Mastercard reportedly considered acquiring Zerohash for up to $2 billion before the company chose to remain independent. The two are now discussing a strategic investment instead.
The Larger Regulatory Shift
The OCC charter race reflects a structural change in how digital asset firms are positioning themselves inside the US financial system. Crypto.com received conditional OCC approval in late February 2026. World Liberty Financial’s subsidiary filed its own application in January. The list keeps growing.
Ripple, currently trading at $1.40 (down 1.31% in the past 24 hours), secured its conditional charter approval in 2025 and has continued building out its payments and stablecoin infrastructure under that federal umbrella. The price dip is noise against the backdrop of what that regulatory status actually means for the company’s long-term positioning.
The trend has not gone unchallenged. The American Bankers Association has pushed back against the OCC’s willingness to extend trust charters to crypto firms, arguing that broadening the definition of trust bank activity blurs what it means to be a bank and creates openings for regulatory arbitrage. That concern is legitimate, but it has not slowed the OCC’s pace of approvals under the current administration.
Why This Matters Beyond the Headlines
The significance of these charter applications extends beyond individual company milestones. Federal charters allow firms to operate under a single regulatory authority rather than navigating dozens of state licensing regimes. For infrastructure providers like Zerohash, that efficiency is a competitive advantage when selling services to large financial institutions that demand regulatory certainty.
- Trust bank charters permit custody, fiduciary activities, and settlement services
- No deposit-taking, no loans, no FDIC coverage
- Conditional approvals already held by Ripple, Circle, Paxos, and Fidelity Digital Assets
- BitGo holds a full OCC approval as of December 2025
- Zerohash’s application was submitted March 4, 2026
Whether Zerohash receives approval depends on OCC review timelines and the strength of its application. But the direction of travel in Washington is obvious. Federal crypto banking infrastructure is being built, one charter at a time.
