Modern Treasury Applies for a National Trust Bank Charter for Stablecoin Custody

Payments infrastructure company Modern Treasury has applied to the Office of the Comptroller of the Currency to set up Modern Treasury National Trust Bank, a federally regulated, limited-purpose national trust bank. If approved, customers could custody and move stablecoins and fiat through one integrated service.

The bank would not issue stablecoins or make loans. It would also run separately from the company’s existing payments business, which has handled more than $600 billion in payments across hundreds of organizations. CEO and co-founder Matt Marcus said stablecoins are foundational economic infrastructure for the future, and that the company has already built them fully into its payments platform.

Crypto and Payments Firms Seek National Trust Charters

The filing comes as more crypto and payments companies chase national trust bank charters. Bastion and Ripple have received conditional approvals, while Circle and BitGo have won final approvals. Kraken parent Payward, Zerohash and Block have also submitted applications, making this one of the busiest stretches yet for federal digital asset banking.