Payments infrastructure company Modern Treasury has applied to establish a US national trust bank focused on providing digital asset custody and related fiat services.
According to an announcement made on Monday, the company submitted its application to the Office of the Comptroller of the Currency (OCC). The proposed institution, named Modern Treasury National Trust Bank, would operate as a federally regulated, limited-purpose national trust bank.
If the application is approved, the bank would enable Modern Treasury customers to custody and move both stablecoins and fiat through an integrated service. The institution would not, however, issue stablecoins or make loans.
“We believe stablecoins are foundational economic infrastructure for the future,” said Modern Treasury co-founder and CEO Matt Marcus, noting that the company has fully integrated stablecoins into its payments platform.
The company stated that the proposed bank would operate separately from its existing payments business. That existing platform has facilitated more than $600 billion in payments across hundreds of organizations.
Modern Treasury's filing aligns with a broader industry trend of crypto and payments companies pursuing national trust bank charters. Other firms, including Bastion and Ripple, have secured conditional approvals, while Circle and BitGo have obtained final approvals. Additionally, companies such as Kraken parent Payward, Zerohash, and Block have also submitted applications.
