Charles Schwab-Backed EDX Applies for U.S. National Crypto Trust Bank Charter

TLDR

• EDX Markets applied for a national trust bank charter with the OCC on April 1, 2026.
• The proposed trust bank would serve institutional clients only, not retail users.
• EDX Trust would provide digital asset custody, asset management and settlement.
• Trading would remain with EDX Markets LLC under its non-custodial exchange model.
• EDX joins crypto firms including Circle, Ripple, BitGo and Paxos seeking OCC trust charters.

EDX Markets Holding Company, the digital asset exchange backed by Charles Schwab, Citadel Securities and Fidelity Investments, has applied for a national trust bank charter from the U.S. Office of the Comptroller of the Currency. The application adds EDX to a growing group of crypto firms pursuing federal trust bank status as they seek a single regulatory framework for custody and settlement services across the United States.

The filing was made public on April 1, 2026. EDX is seeking full fiduciary powers under federal banking law and authorization to provide digital asset custody, asset management and settlement services for institutional clients. The proposed main office for the trust entity is listed in Chicago. If approved, the trust bank would operate without physical branches and would provide services electronically through application programming interfaces and a graphical interface.

EDX launched in June 2023 as an institutional-only cryptocurrency exchange. Its backers include Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading and Miami International Holdings. The company has promoted a market structure model that separates trading functions from custody, similar to how traditional equities and derivatives markets operate.

Under the proposal, trading and order matching would remain with EDX Markets LLC, while the trust bank would handle custody, asset management and settlement. The company said this structure is designed to preserve separation between exchange activity and asset holding, rather than combining all services under one entity.

EDX trust plan centers on custody and settlement

The proposed EDX Trust would offer fiduciary custody for digital assets, cash and stablecoins. According to the filing details provided, the trust would use sub-custodian banks to manage private keys, a step aimed at reducing single points of failure in the handling of client assets. The bank would also manage custodied cash and stablecoins by placing them in highly liquid assets, with returns targeted near the federal funds rate. The filing also refers to permissible staking and other yield-generating activity.

Settlement is another part of the proposal. EDX Trust would provide riskless principal trading and end-of-day net settlement for clients operating on the EDX Markets platform and in over-the-counter markets. The bank would not engage in proprietary trading. That distinction aligns with EDX’s stated focus on institutional infrastructure rather than retail-facing speculative activity.

The proposed board includes five members, including independent directors with banking and risk management backgrounds tied to firms such as First Business Financial, UBS and Charles Schwab. The management team includes executives with previous roles at Cboe Digital, the Options Clearing Corporation, Coinbase and Kraken. Chief Executive Officer José Antonio Acuña-Rohter, who previously led ErisX and Cboe Digital, is leading the charter effort.

Crypto firms expand push for federal trust bank status

EDX’s application follows a broader industry move toward OCC-regulated trust structures. Several crypto and fintech firms have recently sought similar charters, including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos. The list of pending applications as of April 1 also included Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and World Liberty Trust Company.

The OCC granted conditional approvals to several crypto-related institutions in late 2025, including new charters for Ripple National Trust Bank and First National Digital Currency Bank, along with conversions for BitGo, Fidelity Digital Assets, and Paxos. Early 2026 also brought additional approvals for Crypto.com and Bridge.

A federal charter can allow a company to operate nationwide under one regulatory framework rather than relying on state-by-state licensing. For firms targeting institutional clients, that structure can be relevant because some investors require regulated custody arrangements before engaging with digital assets.

OCC rule change adds context to EDX filing

EDX’s application also arrives as a new OCC final rule took effect on April 1, 2026. According to the reports, the rule clarifies that national trust banks may engage in trust company operations and certain non-fiduciary digital asset custody activities on a case-by-case basis. That change is viewed as removing part of the legal uncertainty that had slowed some institutional plans.

The OCC has not announced a decision timeline for EDX Trust. As with other applicants, the agency is expected to review the proposal for capital adequacy, safety and soundness, compliance and operating controls. EDX has also requested confidential treatment for parts of the application, including its business plan and financial projections. For now, the filing places EDX among the latest crypto firms seeking a national trust bank charter as the sector continues to build out regulated institutional infrastructure.