Zerohash Files Second U.S. Trust Bank Application After OCC Returns First Bid

Highlights:

• Zerohash filed a second application after the OCC returned its first one.
• Zerohash wants the OCC to review a narrower trust bank plan this time.
• The public can comment on the new application until Sept. 17.

Zerohash submitted a second U.S. national trust bank charter application on Aug. 19, one month after regulators returned its original proposal. The crypto infrastructure company first applied on March 2, before the OCC returned that filing on July 17.

加密基础设施公司 Zerohash 已向美国货币监理署（OCC）重新提交国家信托银行牌照申请，此前其首次申请已被 OCC 退回。Zerohash 表示，新申请将缩小业务范围，聚焦于符合其推出计划的国家信托业务，目前正在等待 OCC 审查，公众意见征集期截至 9 月 17 日。Zerohash 已持有州级信托银行牌照，并为…

— 吴说区块链 (@wublockchain12) August 25, 2026

The new application proposes Zerohash National Trust Bank, with headquarters in Asheville, North Carolina. The institution would also operate under a holding company structure if regulators approve the plan. The agency opened public comments on Aug. 18 and recorded the application as received the following day. Its public database currently shows no approval, denial or other regulatory decision.

The March proposal sought national trust powers and covered a broad range of digital asset and fiduciary services. However, the OCC has not identified the specific deficiencies that stopped that proposal from advancing. Under OCC rules, the agency can return a materially deficient application without deciding its merits. Therefore, a returned application differs from a formal rejection.

Zerohash Begins Fresh Regulatory Review With OCC

OCC approval would place Zerohash National Trust Bank and its authorized trust activities under direct federal supervision. However, the charter would not automatically give Zerohash the powers of a full-service commercial bank. Limited-purpose national trust banks can conduct approved trust and custody activities without operating like conventional commercial banks. In April, the OCC clarified rules covering trust operations and certain related nonfiduciary activities.

Zerohash Trust Company already operates under a nondepository trust charter from the North Carolina Commissioner of Banks. Zerohash LLC separately maintains money transmitter licenses and a New York BitLicense for its regulated digital asset services. The company said an OCC charter would complement its existing state licensing structure.

The company supplies crypto trading, custody, stablecoin and tokenization infrastructure to financial institutions and technology companies. Zerohash has disclosed relationships with Morgan Stanley, BlackRock, Stripe, Franklin Templeton, Interactive Brokers and DraftKings.

Zerohash also provides infrastructure behind cryptocurrency trading on Morgan Stanley’s E*TRADE platform. The service gives eligible customers access to Bitcoin, Ethereum and Solana. Morgan Stanley reportedly plans to transfer the service to its proposed national trust bank later this year. However, Morgan Stanley has not announced a confirmed transition date.

Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos have also pursued OCC trust bank status. The OCC has granted conditional approvals to those applicants. They must still meet requirements covering capital, governance, compliance and operations before receiving final authorization. Unlike Zerohash’s returned first filing, the OCC formally denied national trust bank applications from Wise and Bunq.

Public Comments Open Amid Compliance Scrutiny

Interested parties can comment on Zerohash’s Aug. 19 application through Sept. 17 under OCC control number 2026-Charter-347313. Public comments can support or oppose the proposal and request conditions on any OCC approval.

Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos have also pursued OCC trust bank status. The OCC has granted conditional approvals to those applicants. However, they must still meet requirements covering capital, governance, compliance and operations before receiving final authorization. Unlike Zerohash’s returned first filing, the OCC formally denied national trust bank applications from Wise and Bunq.

Meanwhile, World Liberty Financial has received preliminary conditional OCC approval to establish a national trust bank. The Trump family-backed DeFi project plans to use the proposed institution to support its USD1 stablecoin operations.

Today, @worldlibertyfi received conditional approval from the OCC to organize World Liberty Trust Company, N.A., a national trust bank designed from the ground up to issue $USD1 and provide custody under federal supervision.

Rigorous oversight, institutional controls and clear…

— Zach Witkoff (@ZachWitkoff) August 14, 2026

The OCC is also pushing to increase the formation of new national banks after years of declining activity. Comptroller Jonathan V. Gould said the agency wants more qualified applicants to seek national charters. He said eligible digital asset companies can also pursue those opportunities.