Modern Treasury has applied to establish a US national trust bank that would provide digital asset custody and related fiat services.
In an announcement released Monday, the payments infrastructure company said it submitted an application to the Office of the Comptroller of the Currency, or OCC, to form Modern Treasury National Trust Bank. The proposed entity would operate as a federally regulated, limited-purpose national trust bank.
Integrated stablecoin and fiat custody
If the application is approved, Modern Treasury said its customers would be able to custody and move stablecoins and fiat through a single integrated service. The bank would not issue stablecoins, and it would not make loans.
"We believe stablecoins are foundational economic infrastructure for the future," Modern Treasury co-founder and CEO Matt Marcus said. He added that the company has fully integrated stablecoins into its payments platform.
Separate from the company’s existing payments business
Modern Treasury said the proposed bank would operate separately from its current payments business. That existing business has facilitated more than $600 billion in payments across hundreds of organizations.
Part of a broader charter push
The filing comes as crypto and payments companies continue to seek national trust bank charters. Bastion and Ripple have received conditional approvals, while Circle and BitGo have received final approvals. Kraken parent Payward, Zerohash and Block have also submitted applications.