Modern Treasury applies for US national trust bank charter for stablecoin custody

Modern Treasury, a payments infrastructure company, has applied to the US Office of the Comptroller of the Currency to form Modern Treasury National Trust Bank, a federally regulated limited-purpose national trust bank. If approved, the entity would let customers custody and move stablecoins and fiat through a single integrated service. The proposed bank would not issue stablecoins or make loans. CEO and co-founder Matt Marcus said the company sees stablecoins as core economic infrastructure for the future and said stablecoins are already fully integrated into Modern Treasury’s payments platform. The company also said the proposed bank would be operated separately from its current payments business, which has processed more than $600 billion in payments across hundreds of organizations. The filing lands as more crypto and payments firms pursue national trust bank charters in the US, including Bastion, Ripple, Circle, BitGo, Payward, Zerohash and Block.