Modern Treasury seeks US trust bank charter for digital asset custody
Payments infrastructure firm Modern Treasury has filed an application with the Office of the Comptroller of the Currency to establish a federally regulated, limited-purpose national trust bank called Modern Treasury National Trust Bank. If approved, the entity would custody and enable movement of stablecoins and fiat for Modern Treasury customers but would not issue stablecoins or engage in lending.
Why It Matters
The move adds to a wave of crypto and payments firms seeking federal trust charters that would enable custody of digital assets under national regulation. Approval could further integrate stablecoins into mainstream payments infrastructure by combining custody and fiat services within a regulated vehicle.
Key Facts
- Applicant: Modern Treasury
- Proposed bank name: Modern Treasury National Trust Bank
- Regulator filed with: Office of the Comptroller of the Currency (OCC)
- Charter type: Federally regulated, limited-purpose national trust bank
- Services planned: Custody and movement of stablecoins and fiat through an integrated service
Modern Treasury has applied to the Office of the Comptroller of the Currency to form Modern Treasury National Trust Bank, a limited-purpose national trust bank that would be federally regulated. The company says the proposed bank would allow its customers to custody stablecoins and move those digital assets alongside fiat through a single, integrated service. Modern Treasury stressed that the proposed trust bank would not issue stablecoins or extend loans; the entity would operate separately from the company's existing payments business. Modern Treasury's payments platform has processed more than $600 billion in transactions for hundreds of organizations, the company said. CEO and co-founder Matt Marcus described stablecoins as "foundational economic infrastructure for the future," and noted that Modern Treasury has already integrated stablecoins into its payments platform. The application reflects a broader industry trend of crypto and payments firms seeking national trust charters to provide regulated custody and related services. Other firms pursuing or receiving similar approvals include Bastion and Ripple, which have conditional OCC approvals, and Circle and BitGo, which obtained final approvals. Additional applicants named by Modern Treasury include Kraken parent Payward, Zerohash and Block, underscoring growing interest in federally regulated trust charters within the crypto and payments sectors.
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