Bridge, the stablecoin infrastructure arm of Stripe, has submitted an application to the Office of the Comptroller of the Currency to organize a national trust bank as competition in the sector continues at a steady pace.

Once approved, the charter would allow Bridge “to operate under a unified federal framework consistent with the GENIUS Act,” co-founder Zack Abrams stated on X.

The proposed Bridge National Trust Bank would enable Stripe to issue, redeem, and custody stablecoins within a federally regulated framework, instead of going through state-level money-transmitter licenses. Such a regulatory infrastructure would enable Bridge “to tokenize trillions of dollars,” Abrams added.

Stripe acquired Bridge in October last year through a $1.1 billion deal as part of its broader plan to integrate blockchain-based payments into its global merchant network.