Modern Treasury Applies for US Trust Bank Charter for Digital Asset Custody

Modern Treasury, a payments infrastructure company, has taken a significant step by applying for a US national trust bank charter. The move aims to establish a federally regulated bank that would offer digital asset custody and related fiat services. According to the company's announcement on Monday, the proposed bank, named Modern Treasury National Trust Bank, would provide integrated services for moving stablecoins and fiat if approved by the Office of the Comptroller of the Currency (OCC).

The new bank would not issue stablecoins or offer loans, but it would allow Modern Treasury customers to custody and transfer stablecoins and fiat through a unified service. Matt Marcus, co-founder and CEO of Modern Treasury, emphasized the importance of stablecoins, stating, "We believe stablecoins are foundational economic infrastructure for the future." The company has already integrated stablecoins into its payments platform, which has processed over $600 billion in payments for hundreds of organizations.

The application comes as several crypto and payments companies seek national trust bank charters. Companies like Bastion and Ripple have received conditional approvals, while Circle and BitGo have secured final approvals. Other applicants include Kraken parent Payward, Zerohash, and Block. Modern Treasury's existing payments business would operate separately from the proposed bank.