Modern Treasury seeks charter for digital asset custody bank
Modern Treasury, a payments infrastructure company, 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) to establish Modern Treasury National Trust Bank, a federally regulated trust bank focused on digital asset custody and related fiat services.
If approved, the new bank would enable Modern Treasury’s customers to custody and transfer stablecoins and fiat through an integrated service. However, the bank would not engage in activities like issuing stablecoins or providing loans. Modern Treasury co-founder and CEO Matt Marcus emphasized the importance of stablecoins, stating, "We believe stablecoins are foundational economic infrastructure for the future." The company has already fully integrated stablecoins into its payments platform.
The proposed bank would operate independently from Modern Treasury’s existing payments business, which has processed over $600 billion in payments for hundreds of organizations. This application aligns with a broader trend where crypto and payments companies are seeking national trust bank charters. Other firms like Bastion, Ripple, Circle, and BitGo have either received approvals or conditional approvals for similar ventures.