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

Modern Treasury, a payments infrastructure company, has taken a significant step toward expanding its digital asset services by applying for a US national trust bank charter. The firm submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Modern Treasury National Trust Bank, which would operate as a federally regulated, limited-purpose national trust bank.

If approved, the bank would enable Modern Treasury customers to custody and transfer stablecoins and fiat currencies through an integrated service. However, the bank would not issue stablecoins or extend loans. 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 proposed bank would function independently from Modern Treasury’s existing payments business, which has processed over $600 billion in payments for hundreds of organizations. The application aligns with a broader trend in the crypto and payments industries, where companies like Bastion, Ripple, Circle, and BitGo have already received approvals or conditional approvals for similar charters.