ZeroHash Applies for National Trust Bank Charter as OCC Crypto Pipeline Grows

Stablecoin infrastructure steadfast ZeroHash has applied for a nationalist spot slope charter with the Office of the Comptroller of the Currency, an autarkic bureau of the U.S. Treasury Department.

The exertion is for ZeroHash to go nationalist spot bank, not a accepted bank—so that means the institution isn't seeking to connection retail banking, lending, deposit accounts, oregon FDIC security connected lawsuit funds. Rather, the exertion for ZeroHash National Trust Bank said the steadfast wants to connection a broad suite of specialized integer plus services.

"These see custody implicit integer assets, fiat currency, and different assets; custodial staking and validation activities; transportation cause services; commercialized execution; stablecoin management; and settlement, clearing, and escrow services," the institution wrote successful its application.

Last year, determination was speech that payments processing elephantine Mastercard wanted to get ZeroHash. But the woody fell apart, and successful January, the steadfast raised $25o cardinal astatine a $1.5 cardinal valuation.

The OCC's database of integer assets licensing applications has grown significantly, and present includes Morgan Stanley Digital Trust and the Trump family-affiliated World Liberty Trust Company. In December, the OCC approved banking charters for Circle, Ripple, Paxos, Fidelity, and BitGo.

There's nary connection yet connected however soon the OCC mightiness marque a determination connected ZeroHash's application.

Meanwhile, British fintech steadfast Revolut has applied for a U.S. banking charter. Unlike the ZeroHash application, which is for a nationalist spot bank, Revolut seeks to run arsenic a full-service slope for U.S. customers with checking and savings accounts.

"The United States is simply a cardinal pillar of our planetary maturation strategy," Revolut said successful a property release. "Filing for a nationalist slope charter is simply a large milestone toward our imaginativeness of gathering the world’s archetypal genuinely planetary banking platform."

The steadfast has expressed involvement successful offering crypto services. Just past month, Revolut was selected to assistance the UK trial stablecoins arsenic portion of its regulatory sandbox. The sandbox is meant to pass last UK stablecoin rules that are acceptable to beryllium released aboriginal this year.