Modern Treasury, a San Francisco-based payments infrastructure company, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a limited-purpose national trust bank. The filing, dated October 5, 2026, proposes the creation of Modern Treasury National Trust Bank.
The planned entity will focus on the custody of digital assets, including stablecoins, alongside related fiat currency services. The company intends to allow clients to manage both traditional and digital assets through a single platform, aiming to integrate stablecoin capabilities into its existing infrastructure.
The proposed trust bank will operate under federal supervision but will be prohibited from deposit-taking, lending, and FDIC insurance. Additionally, the entity will not issue stablecoins. The trust bank will remain a separate legal entity from the company’s current payment service provider business.
This move follows the company's acquisition of Beam in October 2025, which introduced stablecoin features to its platform. CEO Matt Marcus stated that the charter is intended to provide direct federal oversight for the company's digital asset custody services.
The application currently awaits review by the OCC. Modern Treasury joins other firms such as Circle, Paxos, and Ripple in seeking national trust charters. The company has previously processed transactions totaling hundreds of billions of dollars.
