Zero Hash, a Chicago-based digital asset infrastructure provider, has filed for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). The application signals the firm's intention to expand its custody and settlement capabilities while joining a wave of crypto companies pursuing federal banking credentials.
Infrastructure Provider Eyes Expanded Services
The firm currently provides backend crypto infrastructure to financial institutions, including BlackRock and prediction market platform Kalshi. Under the proposed charter, Zero Hash would operate a trust bank offering digital asset custody, fiat currency management, custodial staking, transfer agent services, and stablecoin management.
Stephen Gardner, currently Zero Hash's chief legal officer, would lead the proposed trust bank as CEO. The charter would allow the firm to hold assets in custody but not accept deposits or issue loans—standard limitations for trust banks operating under federal oversight.
The application comes after Zero Hash rejected a potential $2 billion acquisition by Mastercard earlier this year, choosing instead to explore a strategic investment that would maintain the company's independence while giving Mastercard access to its technology and client base.
Growing Trend Among Digital Asset Firms
Zero Hash joins an expanding group of crypto infrastructure companies seeking federal trust charters during the current administration. In December, the OCC granted conditional approval to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos for similar charters.
The trend reflects broader institutional integration of digital assets into traditional financial infrastructure. This week, Kraken secured a Federal Reserve master account through its banking arm, gaining direct access to Fedwire for dollar settlement without intermediary banks. Senator Cynthia Lummis described the approval as a "watershed milestone" for the industry.
Workforce Implications
The pursuit of federal banking credentials by major infrastructure providers suggests continued demand for professionals with expertise spanning both traditional finance and digital assets. Roles in compliance, custody operations, and regulatory affairs will likely expand as these firms build out federally-supervised entities. Professionals with experience navigating OCC requirements and trust banking operations may find increased opportunities as more companies pursue similar charters.
