Neobank Dakota applies for national trust bank charter

Dakota, a neobank that issued an enterprise stablecoin offering earlier this year, has applied for a national trust bank charter.

The company, which already operates as a registered money services business, said in a press release that the new charter would position it “as a federally regulated provider of digital asset custody, stablecoin issuance, and related services, and a partner of choice for corporate and institutional clients building on us.”

Dakota said having fewer intermediaries would mean more control, reliability, and a cleaner experience for its clients.