Modern Treasury has filed an application with the Office of the Comptroller of the Currency to establish a national trust bank. The entity, to be named Modern Treasury National Trust Bank, aims to operate as a federally regulated, limited-purpose institution.
The proposed bank will focus on providing custody services for stablecoins and handling related fiat transactions. According to the company, the new entity will not engage in issuing stablecoins or providing loan services to its customers.
The company stated that the bank will function independently from its current payments infrastructure business. This existing platform has processed over $600 billion in payments for hundreds of organizations to date.
The move follows similar industry efforts to obtain national trust bank charters. Other companies, including Ripple, Bastion, Circle, and BitGo, have previously sought or received approvals for such structures from federal regulators.
