JPMorgan and Mastercard said they have completed the first cross-border, cross-bank redemption of a tokenized US Treasury fund, working with Ripple’s XRP Ledger and interbank settlement rails.

The pilot transaction involved blockchain tokenization platform Ondo Finance redeeming the US Ondo Short-Term US Government Treasuries (OUSG) fund for Ripple on the XRP Ledger. Mastercard’s Multi-Token Network routed settlement instructions to JPMorgan’s Kinexys platform, which delivered US dollars to Ripple’s Singapore bank account.

“For the first time, a public blockchain and global banking infrastructure settled a cross-border transaction of a tokenized fund together in real time,” Ondo Finance said Wednesday.

Source: Ben Grossman

The pilot reflects growing collaboration between crypto firms and TradFi institutions seeking to build faster, lower-cost, global payment and settlement systems that run outside of traditional banking hours.

The pilot builds on a May 2025 test involving JPMorgan and Ondo Finance, in which a tokenized Treasury fund moved between public and permissioned blockchains.

Real-world asset tokenization has drawn growing interest from Wall Street leaders, who envision tokenizing everything from stocks and bonds to money market funds and real estate. 

More than $31.1 billion worth of real-world assets, excluding stablecoins, is currently tokenized onchain, according to RWA.xyz data. Boston Consulting Group estimated in 2022 that the tokenization market could rise to $16 trillion by 2030, while McKinsey & Co. said it could reach a more conservative $2 trillion over the same time frame. 

Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO 

The New York Stock Exchange’s parent, Intercontinental Exchange, announced in January that it would launch a tokenization platform for 24/7 trading and instant settlement of stocks and exchange-traded funds using a blockchain post-trade system, marking one of the biggest developments in the tokenization space to date.

Tokenization needs regulation before widespread adoption

Despite the developments, the International Monetary Fund flagged several concerns in an April report, including that tokenization shifts risk from the banking system to shared ledgers and smart contract code, making it more difficult to intervene during “stress events.” 

The IMF added that without legal clarity over ownership records and settlement finality, tokenized markets risk being “fragmented and peripheral.” 

Shark Tank investor Kevin O’Leary aired these concerns on Wednesday at Consensus Miami 2026, saying that significant capital will not be tokenized until crypto market structure legislation is passed in the US and is compliant with Securities and Exchange Commission rules.

“When that occurs, it’s going to change everything,” O’Leary said at the conference.

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Brad Garlinghouse, CEO of Ripple Labs, warned Tuesday that recent progress on the digital asset market structure bill in the US Senate did not guarantee success for the legislation, speculating that the next two weeks would be crucial.

Speaking at the Consensus crypto conference in Miami, Garlinghouse said that the likelihood of the market structure bill, the CLARITY Act, passing would “drop precipitously” if not addressed in the next two weeks. According to the Ripple CEO, the bill would be “too much of a loaded issue” amid campaigns for the 2026 US midterms, with primaries ongoing until the November elections.

“Do I think it’s perfect? Hell no,“ said Garlinghouse, referring to CLARITY. “I challenge you to show me any piece of legislation that we would call perfect. There’s tradeoffs and compromises, but I do think clarity is better than chaos.”

Source: Cointelegraph

The CEO’s remarks came after US Senators Thom Tillis and Angela Alsobrooks announced a compromise on stablecoin yield last week that could lead to the advancement of the CLARITY Act. Addressing stablecoins, as well as tokenized equities and ethics, has been one of the factors holding up the bill in the Senate since it was passed by the US House of Representatives in July 2025.

Related: Crypto PAC spends $500K in support of Indiana candidate ahead of primary

The CLARITY Act, already advanced by the Senate Agriculture Committee in a January markup, also requires approval by the Senate Banking Committee before a vote in the full chamber. Garlinghouse and Ripple executives have been part of negotiations on the CLARITY Act between White House officials and representatives of the crypto and banking industries.

“The Clarity Act is not a future priority; it is the priority,” said Senator Cynthia Lummis, a member of the banking committee, in a Tuesday X post. “Every corner of the industry is operating under legal uncertainty that Congress has the power to fix. The Senate needs to act.”

US financial agencies already moving forward without Congress

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) signed a memorandum of understanding in March to coordinate their approach to oversight of the digital asset market structure. SEC Chair Paul Atkins said that the agency‘s approach to crypto laws provided a “beginning, not an end,” with the commission awaiting passage of the CLARITY Act.

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Key points:

Bitcoin will have to flip the $80,000 level into support to continue its up move to $84,000.Several major altcoins are finding buyers at lower levels, but they will have to overcome the overhead resistance to start a new up move.

Bitcoin (BTC) has risen above $78,000, extending upon its 11.87% rally in April, per CoinGlass data. The recovery in April was supported by solid buying in the US spot BTC exchange-traded funds, which saw $1.97 billion in inflows, according to SoSoValue data.

The rally is expected to encounter selling in the zone between the True Market Mean at $78,000 and the Short-Term Holder (STH) cost basis at $79,000. Analysts are closely monitoring the $80,000 level, which needs to be flipped into support for confirmation that bulls remain in control.

Crypto market data daily view. Source: TradingView

CryptoQuant is not convinced that BTC’s rally could extend further. In a recent report, the crypto analytics firm said that BTC’s up move in April was fuelled mainly by futures traders, while spot demand contracted. That suggests “the market’s marginal buyer was speculative, not fundamental.” CryptoQuant warned in an X post that the exact setup had “preceded the next leg down” in 2022.

Could BTC and the major altcoins break above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC turned up from the 20-day exponential moving average ($75,814) on Thursday, indicating buying on dips. 

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face selling pressure at $79,500, but if buyers pierce the overhead resistance, the uptrend is expected to gain momentum, and the BTC/USDT pair may rally to $84,000. 

The 20-day EMA is the crucial support to watch out for on the downside. If the BTC price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it may start a deeper correction to the 50-day simple moving average ($72,362) and then the support line.

Ether price prediction

Ether (ETH) is finding support near the 50-day SMA ($2,207), indicating that bulls are viewing the dips as a buying opportunity.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The flattening 20-day EMA and the relative strength index (RSI) just above the midpoint suggest weakening momentum. If the ETH price turns down and breaks below the 50-day SMA, the next stop is likely to be the support line.

Instead, if the price remains above the 20-day EMA, the bulls will attempt to drive the ETH/USDT pair to $2,465 and then to the ascending channel’s resistance. The next trending move is expected to begin on a close above the resistance line or below the support line. Until then, the pair may remain inside the channel.

XRP price prediction

XRP (XRP) remains stuck inside the $1.27 to $1.61 range, signaling buying on dips and selling on rallies.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($1.39) has started to turn down gradually, and the RSI is near the midpoint, indicating a slight edge to the bears. If the XRP price remains below the moving averages, the likelihood of a drop to the $1.27 support increases.

Buyers are likely to have other plans. They will attempt to thrust the price above the moving averages. If they succeed, the XRP/USDT pair may rally to the downtrend line of the descending channel pattern, then to the $1.61 resistance. A trend change will be signaled on a close above the $1.61 level.

BNB price prediction

BNB (BNB) slipped below the moving averages on Tuesday, but the bears have failed to build upon their advantage. That suggests demand at lower levels. 

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are attempting to push the BNB price back above the moving averages. If they manage to do that, the BNB/USDT pair may rise to $654 and then to the $687 overhead resistance.

On the other hand, if the price turns down and breaks below $610, it signals that the sellers remain in control. The pair may then tumble toward the $570 support, where the buyers are expected to step in.

Solana price prediction

Buyers are attempting to sustain Solana (SOL) above the $82.65 level but the bears continue to exert pressure.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

If the $82.65 level cracks, the SOL/USDT pair may decline to $76. Buyers are expected to defend the $76 level with all their might, as a close below it may start the next leg of the downward move to $67.

On the contrary, if the SOL price rises above the moving averages, it suggests that the pair may remain inside the $82.65 to $90.73 range for some time. A close above $90.73 opens the gates for a retest of the $98 overhead resistance.

Dogecoin price prediction

Dogecoin (DOGE) is showing strength, as bulls prevented the pullback from dipping below the $0.10 level on Thursday.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

That increases the likelihood of a rally to the $0.12 overhead resistance, where the bears are expected to mount a strong defense. If the price turns sharply lower and breaks below the moving averages, it suggests the DOGE/USDT pair may remain within the $0.09 to $0.12 range for a while longer.

Alternatively, if buyers overcome the $0.12 obstacle, it suggests that the pair may have bottomed out in the near term. The DOGE price may rise to $0.14 and later to $0.16.

Hyperliquid price prediction

Hyperliquid (HYPE) fell below the 50-day SMA ($39.84) on Thursday but the long tail on the candlestick shows buying at lower levels.

HYPE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are striving to push the HYPE price above the 20-day EMA ($40.85). If they manage to do that, the HYPE/USDT pair may rally toward the $43.76-$45.77 overhead resistance zone. A close above the zone clears the path for a rally to $50.

Contrary to this assumption, if the price turns down and breaks below $38.70, it signals that the bears are selling on rallies. That may start a deeper pullback to $37.77 and subsequently to $34.45.

Related: Did Dogecoin bottom first? DOGE price poised for 20% gains as whales return

Cardano price prediction

Cardano (ADA) has been clinging to the moving averages, indicating that the bulls have kept up the pressure.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

That improves the prospects of a break above the downtrend line. If that happens, the ADA/USDT pair may surge to $0.32 and later to $0.37, signaling a potential short-term trend change.

This bullish view will be invalidated in the near term if the ADA price turns sharply lower and breaks below $0.22. Such a move suggests that the pair may remain inside the descending channel for a few more days.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) bounced off $443 again, indicating that the bulls are aggressively defending the level.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

There is minor resistance at the 50-day SMA ($453), but it is likely to be crossed. The BCH/USDT pair may then soar to $486, at which point bears are expected to sell aggressively. However, if buyers overcome the barrier, the pair may rally to $520.

Contrary to this assumption, if the BCH price turns sharply lower from $486 and breaks below the moving averages, it suggests that bears remain sellers on rallies. That may keep the pair range-bound between $419 and $486 for some time.

Monero price prediction

Monero (XMR) bounced off the 20-day EMA ($366) on Wednesday, indicating a positive sentiment. 

XMR/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI in positive territory indicate that the path of least resistance is upward. If buyers push and maintain the XMR price above the $406 resistance, the rally may reach the $500 level.

Conversely, if the price turns sharply lower from the overhead resistance and breaks below the moving averages, it suggests that the XMR/USDT pair may remain range-bound between $302 and $406 for some time.

Crypto exchange Bullish has expanded its integration with Ripple Prime to give institutional clients direct access to Bitcoin options trading, adding to existing spot, perpetual and futures connectivity through the platform’s prime brokerage network.

The integration connects Ripple Prime users to Bullish’s regulated Bitcoin (BTC) options markets, allowing trades to be funded through existing sub-accounts without additional onboarding, with stablecoins such as Ripple USD (RLUSD) supported as collateral.

RLUSD is a US dollar-pegged stablecoin designed for payments, settlement and use as collateral in digital asset markets. It has a market capitalization of about $1.57 billion, according to DeFiLlama data.

Ripple USD market cap. Source: DefiLlama

The companies said they plan to support cross-venue margin access, which would allow institutions to manage collateral across exchanges and OTC desks from a single account to improve capital efficiency.

Ripple Prime is the company’s institutional prime brokerage platform, formed after its $1.25 billion acquisition of crypto prime broker Hidden Road in 2025. It offers multi-asset brokerage, clearing and financing services and cleared more than $3 trillion in volume in 2025, according to the announcement.

Bullish said its Bitcoin (BTC) options venue ranks among the largest by open interest for crypto-settled contracts. The integration is now live, allowing Ripple Prime clients to begin accessing options markets immediately.

Shares of Bullish have declined sharply over the past year, falling more than 60% from their peak in September and trading around $36.58 at the time of writing. The stock was down roughly 8% in early trading on the day, per Yahoo Finance data.

Source: Yahoo Finance

Related: Bitcoin rally falters as AI industry weakens and CLARITY Act approval odds fall

Bitcoin options gain traction as institutions seek risk management tools

Bitcoin’s volatility has made options, which give traders the right to buy or sell an asset at a set price, an increasingly important tool for hedging and trading price swings.

In August 2025, Coinbase finalized its acquisition of Deribit, bringing the largest crypto options venue under its umbrella as part of a broader push to offer spot, futures and options trading on a single platform. 

Some corporate Bitcoin holders are also beginning to move beyond passive exposure toward more active risk management using derivatives.

Last week, Nakamoto, a Nasdaq-listed company focused on building a Bitcoin treasury strategy, said it has been running an actively managed derivatives program since early 2026, using BTC as collateral for options-based strategies designed to generate income from volatility while hedging downside risk.

Over the past year, Bitcoin options markets have remained consistently large, with total open interest standing at about $32.8 billion as of late April 2026, up slightly from roughly $30.8 billion a year earlier and peaking above $50 billion during periods of heightened activity, according to CoinGlass data.

Total Bitcoin options open interest. Source: CoinGlass

Trading is heavily concentrated on Deribit, which accounts for the majority of Bitcoin options open interest, while smaller shares are distributed across venues including CME Group, OKX, Binance and Bybit.

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XRP (XRP) price was up 1.2% over the last 24 hours to trade at $1.40 on Wednesday. Several market and technical factors suggest that the XRP/USD pair may climb further as long as key support levels hold.

Key takeaways:

Spot XRP ETFs are set to record their strongest monthly inflows since December 2025, signaling renewed institutional demand.A symmetrical triangle setup sees XRP price rising roughly 53% as long as support at $1.40 holds.

Ripple CEO on XRP: “Lock in”

Ripple CEO Brad Garlinghouse is urging the XRP community to “lock in” as massive marketing campaigns take over the Las Vegas Strip ahead of the XRP Las Vegas 2026 (XRPLV26) conference. 

Related: Bitcoin, stocks risk ‘months’ of losses as Kevin Warsh Becomes Fed chair

The event, which is scheduled for Thursday and Friday will focus on the expanding XRP ecosystem, next-generation applications on the XRP Ledger and community building.

On Tuesday, OKX, a major crypto exchange, posted an image of the Las Vegas Sphere lit with the XRP logo, which Ripple CEO Brad Garlinghouse reposted with a simple directive to his followers: “Lock in.”

Source: X/OKX/Brad Garlinghouse

Ripple has heavily promoted the event with massive “Raise the Standard” XRP billboards across the Las Vegas Strip, timed with the ongoing Bitcoin 2026 conference. This has sparked renewed hype and social media buzz around the event.

However, historical patterns show Ripple/XRP events rarely trigger sustained price rallies. For instance, XRP price gained 16% over the week following Ripple’s Swell 2025. But this was followed by a 30% drop from $2.56 to $1.81 between Nov. 11 and Nov. 21 of that year.

Therefore, without major concrete announcements emerging from the stage, any upside may quickly fade amid broader market forces.

XRP ETF demand is “still alive”

XRP spot ETFs are gaining steady momentum again, with the latest inflows showing that investor demand is not just returning but holding firm at elevated levels. 

These investment products posted inflows in 11 of the last 13 days, totaling $82.42 million, according to data from SoSoValue. 

XRP ETFs have already pulled in $83.9 million in net inflows in April, marking a strong rebound from March’s $31.16 million outflow. 

This reversal makes April the “strongest monthly inflow since December 2025,” signaling a notable shift in momentum, analyst Xfinancebull said in a Monday post on X, adding:

“That does not guarantee instant price fireworks, but it absolutely tells me the bid for regulated $XRP exposure is still alive and building.”

Spot XRP ETF flows chart. Source: SoSoValue

Meanwhile, global XRP exchange-traded products (ETPs) posted inflows totaling $25 million during the week ending Friday. XRP ETPs have now recorded $148 million in net inflows so far in 2026, bringing the total assets under management (AUM) to roughly $2.6 billion.

Crypto funds net flows data. Source: CoinShares

This indicates a sustained institutional appetite for XRP products, adding to XRP’s tailwinds.

As Cointelegraph reported, exchange outflows, positive flows into whale addresses and strong ETF demand improve XRP’s chances of a sustained price recovery.

XRP price technicals put 50% rally in play

The XRP/USD pair has spent nearly three months inside a symmetrical triangle, defined by two converging trend lines. Its rebound from the lower trend line support on Wednesday now raises the odds of a move toward the upper boundary.

A daily candlestick close above the upper line of the triangle at $1.45 would open the way for a rally toward its measured target at $2.15, about 53% above the current price.

However, bulls must overcome resistance from the 100-day exponential moving average (EMA) at $1.52 and the 200-day EMA at $1.75, before reaching this target.

XRP/USD daily chart. Source: Cointelegraph/TradingView

Notably, XRP’s chances hinge on bulls defending support at $1.40, which is also the 200-week EMA and the 20-day EMA, making this a key level. A decisive break below it risks invalidating the bullish narrative altogether.

It may instead raise the odds of the price declining toward the $0.98 mark, aligning with the triangle’s bearish target.

As Cointelegraph reported, a break below the moving averages around $1.38-$1.40 could see XRP price drop toward $1.12 over the next few days.

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

South Korean internet-only bank Kbank has signed a strategic partnership with blockchain payments company Ripple to test blockchain-based overseas remittances. 

According to local media outlets like News1, The Korea Herald and Maeil Business, Kbank CEO Choi Woo-hyung and Fiona Murray, Ripple’s Asia-Pacific managing director signed the agreement at Kbank’s Seoul headquarters. The bank said the partnership will use Ripple’s global network and blockchain infrastructure to test whether overseas remittances can be made faster, cheaper and more transparent.

The companies are already conducting a phased technical verification. The first phase reportedly tested a separate app-based remittance structure, while the second phase is digitally linking customer accounts and internal systems to test remittance stability. It includes onchain transfers to countries such as the United Arab Emirates and Thailand, according to local reports. 

The tie-up comes as South Korean financial companies test blockchain-based cross-border payment infrastructure while the country’s stablecoin and digital asset rules remain under discussion.

South Korea companies prepare for stablecoin rules

South Korea is weighing how to regulate stablecoins under broader digital asset legislation. On April 8, South Korea’s ruling Democratic Party prepared a draft bill that would classify stablecoins as foreign exchange payment instruments and require tokenized real-world assets to be backed by assets held in trust. 

Citing an integrated draft of the proposed Digital Asset Basic Act, the Seoul Economic Daily previously reported that stablecoins used in cross-border transactions would be treated as a “means of payment” under the country’s Foreign Exchange Transactions Act. 

Related: South Korea tightens crypto withdrawal-delay exemptions after scam losses

The policy backdrop may explain why stablecoin and blockchain-payment tie-ups are accelerating before the rules are final. Banks, card companies and payment firms appear to be testing infrastructure, partners and use cases while avoiding full commercial launches ahead of legislation. 

On March 16, Hana Financial Group, one of South Korea’s largest financial conglomerates, signed a business agreement with the United Kingdom’s Standard Chartered Group for cooperation on various sectors, including foreign exchange and digital assets. 

The South Korean conglomerate also previously partnered with USDC-issuer Circle and major US crypto exchange Crypto.com to promote stablecoin-based payments for foreign visitors in the country, according to The Korea Times. 

On March 5, Asia Business Daily reported that South Korean payments company Danal will officially launch a digital asset payments service for foreign visitors in Korea in partnership with Binance Pay. 

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Anchorage Digital has integrated Marinade Finance into its platform, allowing institutional clients to stake Solana tokens through automated validator strategies while maintaining custody of their assets.

According to Thursday’s announcement, the integration gives clients direct access to Marinade’s staking strategies within Anchorage’s custody and wallet infrastructure, including its Porto self-custody wallet, without requiring external applications.

The setup separates staking delegation from withdrawal control, allowing institutions to participate in validator selection and yield generation while retaining asset control.

Clients can choose between two staking strategies: one that allocates across a curated set of roughly 30 KYC-verified validators for compliance-focused use cases, including regulated financial products such as exchange-traded funds (ETFs). Another dynamically distributes stake across a broader validator set spanning hundreds of operators to optimize yield.

The integration is available through Anchorage Digital’s platform and its Porto wallet, where staking, custody and asset management functions are combined within a single interface.

Anchorage Digital is a San Francisco-based crypto custody provider that operates the first federally chartered crypto bank in the United States. In January, it was reported to be seeking between $200 million and $400 million in new funding as it considers a potential initial public offering next year.

Related: Galaxy expands retail platform with SOL staking, targeting 6.5% yield

Institutional yield strategies expand from staking to Bitcoin DeFi

Institutions are increasingly seeking yield on crypto holdings without moving assets out of custody, as staking gains traction among asset managers and product issuers.

In February, Ripple expanded its custody platform through integrations with Securosys and Figment, enabling banks and custodians to offer staking without running validators or managing keys, with support across on-premises and cloud environments and built-in compliance checks.

The following month, Anchorage Digital integrated with Puffer Finance to offer liquid restaking on Ethereum, allowing clients to stake Ether (ETH) and receive pufETH, a transferable token representing a restaked position that continues earning rewards.

While staking — that is, earning rewards for securing a network — was traditionally limited to proof-of-stake assets, similar yield strategies are emerging for Bitcoin (BTC) via decentralized finance (DeFi) integrations.

Lombard recently teamed with Bitwise Asset Management to enable institutions to earn yield and borrow against Bitcoin without moving assets out of custody, combining DeFi lending and tokenized real-world assets with infrastructure from Morpho.

Similarly, Fireblocks has integrated Stacks to provide institutional access to Bitcoin-based lending and yield, using faster block times while settling transactions on Bitcoin for finality.

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Digital banking platform SoFi Technologies has launched Big Business Banking, a platform that allows companies to manage fiat and crypto transactions within a single regulated system.

According to Thursday’s announcement, the offering enables companies to hold deposits, move funds and settle transactions around the clock using either traditional currencies or digital assets, consolidating functions that have typically been split across banks, custodians and crypto service providers.

It also introduces support for issuing and redeeming the company’s stablecoin, SoFiUSD, allowing businesses to convert between fiat and onchain assets while keeping reserves within a regulated banking environment.

The rollout includes participation from companies such as Cumberland, BitGo, Bullish, B2C2, Fireblocks, Wintermute, Jupiter, Galaxy, Mesh Payments and Mastercard, reflecting early demand from trading, payments and infrastructure providers.

SoFi said the system is expected to connect with blockchain networks, including Solana, to support onchain settlement.

The move comes as the bank has been pushing deeper into digital assets. In June, SoFi resumed crypto trading, enabling users to buy, sell and hold digital assets, and expanded blockchain-based remittance services to more than 30 countries. 

In December, it launched SoFiUSD, a fully reserved dollar-backed stablecoin issued by its banking subsidiary, redeemable on demand and initially deployed on Ethereum.

Related: Standard Chartered says faster stablecoin turnover could curb demand

Crypto companies build digital asset infrastructure for institutions

While SoFi is expanding from the banking side, crypto-native companies are building similar infrastructure to integrate digital assets into institutional systems.

In March, crypto infrastructure platform BitGo launched a financing platform that enables institutions to borrow and lend against liquid, staked and locked assets within a single custody account.

In January, Fireblocks acquired crypto accounting platform TRES for $130 million, adding tax and compliance capabilities as institutions seek audit-ready reporting for digital asset operations.

This week, Ripple added digital asset capabilities to its treasury platform, enabling companies to manage crypto and fiat balances in one system.

Beyond expanding services for institutional clients, several platforms are also pursuing US banking licenses. On Wednesday, crypto exchange EDX Markets applied to the Office of the Comptroller of the Currency to establish a national trust bank, aiming to separate custody and settlement from trading through a non-depository entity called EDX Trust.

Earlier this month, Zerohash applied for a national trust bank charter to expand its stablecoin and custody services, joining applicants including Coinbase, Laser Digital and Payoneer as companies seek regulatory approval to offer integrated crypto financial services.

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EDX Markets, an institutional crypto exchange, has applied to the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank that would provide crypto custody, asset management and trade-settlement services.

The proposed entity, EDX Trust, would operate as a non-depository national bank, separating custody and settlement from trading while continuing to route order matching through EDX’s existing platform.

In its application, the company said the model is intended to address structural risks in crypto markets, where trading, custody and brokerage are often combined within a single platform, creating potential conflicts of interest and single points of failure.

EDX said the trust bank would provide fiduciary asset management services, invest client cash and stablecoin balances in highly liquid assets, and facilitate trading through a riskless principal model with end-of-day net settlement.

The bank would operate online from Chicago and target institutional clients such as broker-dealers, futures commission merchants and registered investment advisers, according to the filing.

EDX said moving these functions into an OCC-chartered entity would allow it to offer services nationwide under a single regulatory framework while meeting custody requirements for regulated institutions.

Founded in 2022, EDX Markets is backed by traditional market participants including Citadel Securities, Virtu Financial, Fidelity Digital Assets and Hudson River Trading.

Related: Fed’s Barr backs stablecoin clarity but warns of run risks

Crypto companies seek US bank charters

The application comes as crypto and financial companies increasingly pursue national trust bank charters to expand institutional services under federal oversight.

Earlier this month, Zerohash, a blockchain infrastructure company, applied for a US national trust bank charter to expand its stablecoin and custody services for banks, brokerages and fintechs.

Other recent applicants include Coinbase, which applied in October and is still awaiting a decision, as well as Laser Digital and Payoneer, which filed applications earlier this year to expand custody and stablecoin-related payment services.

Traditional financial institutions are also entering the space. In February, Morgan Stanley applied for a de novo trust bank charter to support digital asset services through a separate entity.

At the same time, the OCC has continued approving applicants, issuing conditional licenses last month to Bridge, Stripe and Crypto.com, following approvals in December for Ripple Labs, Circle Internet Group, Fidelity Digital Assets, Paxos and BitGo.

However, the pace of approvals has drawn scrutiny. In February, the American Bankers Association urged the OCC to slow the process, citing unresolved oversight under pending US stablecoin legislation.

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