Modern Treasury applies for US national trust bank charter for digital assets
Payments infrastructure company Modern Treasury has taken a significant step toward expanding its services in the digital asset space. The firm has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, aiming to establish Modern Treasury National Trust Bank. If approved, this federally regulated bank would specialize in digital asset custody and related fiat services, allowing customers to securely custody and move stablecoins and fiat through an integrated platform. The proposed bank would not issue stablecoins or offer loans, maintaining a focused scope on custody and payments.
Modern Treasury co-founder and CEO Matt Marcus emphasized the company's belief in the foundational role of stablecoins in future economic infrastructure. The application comes as part of a broader trend, with several crypto and payments companies seeking similar charters. Notably, Circle and BitGo have already received final approvals, while others like Bastion and Ripple have conditional approvals. The move reflects Modern Treasury's growing involvement in the digital asset sector, complementing its existing payments business, which has facilitated over $600 billion in payments.