Modern Treasury seeks US trust bank charter for digital asset custody

Key Summary

Modern Treasury has applied to the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank that would provide digital asset custody and related fiat services, including stablecoin custody. The proposed bank would operate separately from the company's existing payments business, which has facilitated over $600 billion in payments. If approved, the bank would not issue stablecoins or make loans, but would allow customers to custody and move stablecoins and fiat through an integrated service. Modern Treasury co-founder Matt Marcus stated that stablecoins are foundational economic infrastructure for the future.