Payward seeks OCC trust charter to expand U.S. digital asset custody

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Payward seeks OCC trust charter

Highlights

Payward has applied for an OCC national trust charter to establish Payward National Trust Company focused on regulated digital asset custody for institutional and individual clients.
Payward’s move mirrors recent conditional charter approvals for Coinbase and Ripple, as major crypto firms seek federal oversight to expand institutional custody services.
The OCC's approval process for crypto trust charters faces opposition from traditional banks like JPMorgan Chase and Goldman Sachs, concerned over changes to federal licensing rules.

Charter bid targets institutional custody

In a statement, Payward said its application seeks to establish Payward National Trust Company, or PNTC, under a national OCC trust charter.

The company said PNTC is expected to serve institutional clients and individual customers seeking regulated, bank-level custody and trust services for digital assets. Payward said the planned entity would use its existing infrastructure, risk management systems, compliance programs and regulated affiliates to provide those services in a secure and compliant manner.

Payward and Kraken co-CEO Arjun Sethi said robust and transparent regulation remains the right path for digital assets. He said a national trust company gives institutions the certainty they require and helps build the infrastructure for the next generation of custody.

Regulatory push expands across crypto industry

Payward's filing follows similar moves by other large crypto firms as they seek closer alignment with federal oversight in the U.S. Coinbase, the largest U.S.-based crypto exchange, received conditional approval for its own national trust company charter about a month ago, while Ripple has also received conditional approval.

Other notable digital asset companies, including Paxos, BitGo and Circle, have also sought OCC approval. The trend highlights how major crypto groups are pursuing regulated trust structures to broaden custody offerings and appeal to institutional clients.

The OCC's approach has also drawn resistance from parts of the traditional banking sector. A trade group whose board includes JPMorgan Chase, Goldman Sachs and Bank of America at one point considered suing the regulator over its decision to grant national trust bank charters to crypto and fintech firms, arguing the agency is not heeding repeated warnings over its reinterpretation of federal licensing rules.

Our earlier coverage of Coinbase’s Q1 2026 results examined how the company responded to a tougher operating environment with a 14% workforce reduction, AI-led restructuring, and new enterprise payment partnerships. We also noted that operational resilience remains a key concern after service disruptions tied to Amazon Web Services, even as Coinbase looks to strengthen its institutional offering.

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