Crypto infrastructure firm Zerohash has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, The Block reported on March 4 local time.

The move follows steps taken by crypto firms including Ripple, Circle and BitGo.

According to documents filed with the OCC, the Zerohash trust bank plans to offer custody of digital assets and fiat currencies, staking and validation services, transfer agent services, trade execution, stablecoin management, and payment, clearing and escrow services. Zerohash Chief Legal Officer Steven Gardner was named as the incoming chief executive of the trust bank.

Earlier, Ripple, Circle and BitGo received conditional approval from the OCC in December last year.

Even if it secures a charter, it will not be allowed to conduct traditional banking business such as taking deposits or making loans. The Block said operating under federal supervision could still work in its favour in attracting institutional clients.

Zerohash last month added the Monad blockchain and Monad-based USDC to its crypto infrastructure platform. This allows Zerohash clients, including prediction market platform Kalshi, to roll out stablecoin-based payment services without building blockchain infrastructure directly or obtaining separate regulatory approval.