EDX Markets Applies to OCC for National Trust Bank Charter

EDX Markets Holding Company applied to the Office of the Comptroller of the Currency on March 25, 2026, for a de novo national trust bank charter for EDX Trust, National Association, to be headquartered in Chicago. The trust bank would seek full fiduciary powers under 12 U.S.C. § 92a to provide digital asset custody, asset management, and settlement services exclusively for institutional clients. EDX Trust would custody digital assets, cash, and stablecoins, using sub-custodians for private key management, while investing managed cash and stablecoins in liquid assets to generate yields near the federal funds rate, including through staking.

The application is backed by major financial firms including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, and Hudson River Trading. The OCC added the application to its public list of pending digital asset applications on March 26, 2026, though no decision timeline has been announced. The filing coincides with a new OCC final rule effective April 1, 2026, that allows national trust banks to conduct trust operations and case-by-case non-fiduciary digital asset custody, reducing regulatory hurdles.

A national trust charter would enable EDX Trust to operate nationwide under federal oversight, avoiding state-by-state licensing. Much of EDX's business plan remains confidential under FOIA protection.