Modern Treasury Applies to Launch U.S. National Trust Bank for Stablecoin Custody

Payments infrastructure company Modern Treasury is seeking to establish a U.S. national trust bank to offer custody for digital assets including stablecoins, along with fiat-currency services.

Cointelegraph reported on October 5 that Modern Treasury filed an application with the Office of the Comptroller of the Currency to form Modern Treasury National Trust Bank.

If approved, the bank would operate as a federally regulated limited-purpose national trust bank. Modern Treasury customers would be able to custody and transfer stablecoins and fiat currencies through a single integrated service. The bank does not plan to issue stablecoins directly or engage in lending.

"We believe stablecoins will become core infrastructure for the future economy," Modern Treasury co-founder and Chief Executive Officer Matt Marcus said. He added that the company has fully integrated stablecoins into its existing payments platform.

The new bank will operate separately from Modern Treasury's existing payments business. To date, the company has processed more than $600 billion in payments for hundreds of institutions.

In the U.S., crypto and payments companies have increasingly pursued national trust bank charters. Bastion and Ripple have received conditional approval from the OCC, while Circle and BitGo have secured final approval. Kraken parent Payward, Zero Hash and Block have also applied for related charters.