Modern Treasury Applies for US Trust Bank Charter to Offer Stablecoin Custody
Modern Treasury files OCC application for a national trust bank
Payments infrastructure company Modern Treasury has applied to the US Office of the Comptroller of the Currency (OCC) to establish what it calls Modern Treasury National Trust Bank. The proposed institution would operate as a federally regulated, limited-purpose national trust bank focused on digital asset custody and related fiat services.
Under the application, the bank would allow Modern Treasury customers to store and move stablecoins — digital tokens designed to hold a fixed value, usually pegged to the US dollar — and traditional fiat money through a single integrated service. The proposed bank would not issue stablecoins or make loans.
Modern Treasury stated that the trust bank would operate separately from its existing payments business.
Key points from the filing
- Modern Treasury submitted its application to the OCC for a national trust bank charter.
- The proposed bank would provide custody and movement of stablecoins and fiat currency for customers.
- The bank would not issue stablecoins or extend loans.
- Modern Treasury's existing payments platform has processed more than $600 billion across hundreds of organizations.
- The company says it has already integrated stablecoins into its payments platform.
What the company said
"We believe stablecoins are foundational economic infrastructure for the future," Matt Marcus, Modern Treasury co-founder and CEO, said in the company's Monday announcement. Marcus added that the company has fully integrated stablecoins into its payments platform.
Part of a wider charter push
Modern Treasury's application is part of a broader wave of crypto and payments companies seeking national trust bank charters from the OCC. Bastion and Ripple have received conditional approvals from the regulator. Circle and BitGo have received final approvals. Kraken's parent company Payward, Zerohash, and Block have also submitted applications.
What is confirmed
Modern Treasury has filed an application with the OCC for a national trust bank charter. The proposed bank is intended to handle digital asset custody and fiat services for the company's customers. The application is pending and has not yet been approved or denied.
What is still unclear
The source does not provide a timeline for when the OCC may review or respond to the application. It is also unclear whether the OCC will approve the charter, given that traditional banking groups have recently challenged the regulatory framework that allows crypto companies to obtain trust charters through a so-called "side door" into the banking system.
Why this matters
Trust bank charters allow crypto-focused companies to hold digital assets on behalf of customers under federal supervision. For a company like Modern Treasury that has built a large payments network, adding a chartered trust bank could let it offer regulated custody and stablecoin services directly to its customers, reducing reliance on third-party custodians.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.