Modern Treasury Seeks US National Trust Bank Charter for Stablecoin Custody
Modern Treasury, a payments infrastructure company, has applied to the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank that would provide custody services for digital assets alongside fiat operations. The proposed Modern Treasury National Trust Bank would operate as a federally regulated limited-purpose bank, enabling the company's customers to hold and transfer stablecoins and fiat within an integrated platform. The bank will not issue stablecoins or engage in lending activities.
Application and Bank’s Purpose
Modern Treasury has submitted an application to establish Modern Treasury National Trust Bank, a federally regulated limited-purpose national trust bank. According to the company’s announcement, the bank would allow clients to custody and transfer stablecoins and fiat currencies through an integrated service. The bank itself would not issue stablecoins nor extend loans.
Industry Context and Response
Matt Marcus, Modern Treasury’s CEO and co-founder, emphasized the foundational role of stablecoins as future economic infrastructure and highlighted the company’s full integration of stablecoins into its payments platform. The proposed bank will operate separately from Modern Treasury’s existing payments business, which has facilitated over $600 billion in transactions. This application occurs amid a broader industry movement toward obtaining national trust bank charters, with Bastion and Ripple receiving conditional approvals and Circle and BitGo granted final approvals. Other applicants include Payward (Kraken’s parent company), Zerohash, and Block.
Why it matters
The news highlights a significant trend of bridging traditional financial services with digital assets through regulatory channels. Modern Treasury’s move to establish a national trust bank for stablecoin custody demonstrates increasing industry demand to offer regulated and secure digital asset services integrated with fiat systems. This step marks an important acknowledgment of stablecoins as foundational economic infrastructure, potentially enhancing trust in digital payments and facilitating the integration of innovative technologies with established financial frameworks.
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