Modern Treasury applies for a national trust bank license in the United States, intending to provide stablecoin custody services

Payment infrastructure company Modern Treasury has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Modern Treasury National Trust Bank, operating as a federally regulated limited-purpose national trust bank, providing digital asset custody and related fiat services.

If the application is approved, the bank will allow Modern Treasury customers to custody and transfer stablecoins and fiat through integrated services, but it will not issue stablecoins or provide loans. Modern Treasury co-founder and CEO Matt Marcus stated that stablecoins are the foundational economic infrastructure of the future, and the company has fully integrated stablecoins into its payment platform.

Modern Treasury stated that the proposed bank will operate separately from its existing payment business, which has processed over $600 billion in payments among hundreds of institutions. This application comes at a time when crypto and payment companies are competing for national trust bank licenses, with Bastion and Ripple having received conditional approvals, Circle and BitGo having received final approvals, and Kraken's parent company Payward, Zerohash, and Block also having submitted applications.