Modern Treasury applies for US national trust bank charter to offer digital asset custody
Quick Look
Payments infrastructure company Modern Treasury has applied to the Office of the Comptroller of the Currency to establish a US national trust bank that would provide digital asset custody and fiat services without issuing stablecoins or making loans, joining other crypto firms seeking similar charters.
AI-generated summary
Why It Matters
Modern Treasury is a payments infrastructure company that has processed over $600 billion in transactions and integrated stablecoins into its platform. The OCC has been reviewing national trust bank applications from various crypto and payments firms.
Payments infrastructure company Modern Treasury has applied to establish a US national trust bank that would provide digital asset custody and related fiat services.
According to Monday’s announcement, the company 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 allow Modern Treasury customers to custody and move stablecoins and fiat through an integrated service, but would not issue stablecoins or make loans.
“We believe stablecoins are foundational economic infrastructure for the future,” Modern Treasury co-founder and CEO Matt Marcus said, adding that the company has fully integrated stablecoins into its payments platform.
Modern Treasury said the proposed bank would operate separately from its existing payments business, which has facilitated more than $600 billion in payments across hundreds of organizations.
The application comes amid a broader push by crypto and payments companies for national trust bank charters. Bastion and Ripple have received conditional approvals, while Circle and BitGo have received final approvals. Kraken parent Payward, Zerohash and Block have also submitted applications.
What to Watch
AI outlook — possibilities, not facts
The OCC will grant conditional approval to Modern Treasury's national trust bank application within the next 3-6 months.
Likely · Within months
Open Questions
- What is the expected timeline for OCC review and decision?
- What specific capital and operational requirements will the proposed bank need to meet?
- How will the national trust bank be capitalized and governed?
