Hey, it’s Marc,

We counted eleven OCC trust bank charter filings in 83 days. The latest one came from Citadel, Fidelity, and Schwab, together, through EDX Markets. They're not building a bank. They're building the custody and settlement layer for every tokenized asset that's about to hit institutional markets.

The Signal: Every major player filing for a charter is an attempt to own the full stack. They layer: distribution on top, trading and execution in the middle and then federally regulated custody and settlement on the bottom.

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What happened

On March 25, 2026, EDX Markets Holding Company filed with the Office of the Comptroller of the Currency to charter EDX Trust, National Association, as a de novo national trust bank. [Filing]

The firm, backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, and Sequoia Capital, proposes three core services: riskless principal trading, end-of-day net settlement, and fiduciary custody with staking. Order matching and trade execution remain with its affiliate, EDX Markets LLC.