Stablecoin Firm Dakota Joins Race for U.S. National Trust Bank Charter

As crypto companies race to secure banking licenses in the United States, stablecoin infrastructure firm Dakota has become the latest to apply for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC).

The application marks another step in the industry’s effort to bring crypto businesses under federal banking oversight. This comes as companies are preparing for growing institutional demand for stablecoins and tokenized financial products.

Dakota Applies for National Trust Bank Charter

Announcing the move on LinkedIn, Dakota co-founder and CEO Ryan Bozarth said the company had filed an application to charter Dakota National Trust Bank with the OCC.

“The charter would enable Dakota to operate in the United States under a single, unified federal framework,” Bozarth wrote.

He added that the company has spent the past two years building financial infrastructure designed to improve the customer experience by reducing reliance on intermediaries.

“One of the best ways to do that is to remove intermediaries between our customers and the services we provide. Fewer layers mean more control, more reliability, and a better experience,” Bozarth said, calling the application “a big step in that direction.”

If approved, Dakota would be able to offer trust and custody services under federal supervision. A national trust bank charter allows firms to safeguard customer assets, provide fiduciary and custody services, and operate nationwide under a single federal regulator. Unlike a traditional commercial bank, however, a national trust bank cannot accept retail deposits or extend loans.

The move comes as the U.S. regulatory environment has become more favorable for digital assets. Just today only, Senator Lummis confirms CLARITY Act Senate Floor Vote Next Week ahead of August recess. Companies expect demand from banks, asset managers, and large businesses to grow. Having an OCC trust charter positions them to serve that demand directly.

Growing Race Among Crypto Firms

The charter has become increasingly attractive for crypto firms. The reason attributes to reducing dependence on partner banks while expanding services for institutional investors and enterprises.

Dakota is not alone. Several digital asset companies have either secured or applied for OCC trust bank charters in recent years. Circle recently received final OCC approval to establish Circle National Trust Bank. This will allow it to oversee the custody of reserve assets supporting USDC and provide digital asset custody services.

Other firms that have announced trust bank ambitions or applications include Ripple, BitGo, Paxos, Crypto.com, Fidelity Digital Assets, and Bridge, Stripe’s stablecoin unit.

The renewed interest in banking charters comes as the stablecoin industry enters a new phase of growth. The global stablecoin market has grown beyond $300 billion. Tradfi institutions are increasingly exploring blockchain-based payments, tokenized deposits, and real-world asset tokenization.

A federal trust charter also gives crypto firms greater regulatory credibility. Instead of relying on multiple state licenses and banking partners, companies can operate under a single federal framework. This makes it easier to serve institutional clients across the country.