A well-known businessman's cryptocurrency finance platform has recently made a new move. They submitted an application for a National Trust Bank charter to the U.S. Office of the Comptroller of the Currency, aiming to bring the entire chain of issuing, custodying, and redeeming their stablecoin USD1 under their own control.
To put it plainly, they want to shake off their dependence on third-party service providers. Currently, USD1 is mainly supported by infrastructure suppliers like BitGo. Once they obtain the charter, they can handle all operations themselves.
Why the rush? CEO Zach Witkoff provided a straightforward reason—institutional clients are already using USD1 for cross-border payments and fund settlement. This shows genuine demand exists. If approved for the charter, they can consolidate these functions under a highly regulated entity, providing institutional clients with a complete one-stop stablecoin service, which is key to attracting more enterprise customers.
According to their plan, after obtaining the charter, they will launch fee-free minting and multi-currency custody services. This sounds good, but the key is how the OCC reviews the application. After all, U.S. regulators have always been cautious about stablecoins, and obtaining official status isn't easy. However, given that a leading exchange has been pushing compliance efforts, this direction should be correct.
A well-known businessman's cryptocurrency finance platform has recently made a new move. They submitted an application for a National Trust Bank charter to the U.S. Office of the Comptroller of the Currency, aiming to bring the entire chain of issuing, custodying, and redeeming their stablecoin USD1 under their own control.
To put it plainly, they want to shake off their dependence on third-party service providers. Currently, USD1 is mainly supported by infrastructure suppliers like BitGo. Once they obtain the charter, they can handle all operations themselves.
Why the rush? CEO Zach Witkoff provided a straightforward reason—institutional clients are already using USD1 for cross-border payments and fund settlement. This shows genuine demand exists. If approved for the charter, they can consolidate these functions under a highly regulated entity, providing institutional clients with a complete one-stop stablecoin service, which is key to attracting more enterprise customers.
According to their plan, after obtaining the charter, they will launch fee-free minting and multi-currency custody services. This sounds good, but the key is how the OCC reviews the application. After all, U.S. regulators have always been cautious about stablecoins, and obtaining official status isn't easy. However, given that a leading exchange has been pushing compliance efforts, this direction should be correct.