Modern Treasury Files Application to Establish Stablecoin Bank

Modern Treasury has filed an application to establish a national trust bank in the United States, which will provide digital asset custody services and related fiat currency services. The application was submitted on Monday to the Office of the Comptroller of the Currency (OCC). If approved, the new bank will allow Modern Treasury clients to store and move stablecoins and fiat through an integrated service, without issuing stablecoins or providing loans.

Co-founder and CEO of Modern Treasury, Matt Marcus, stated: “We believe stablecoins are fundamental economic infrastructure for the future,” adding that the company has fully integrated stablecoins into its payment platform. The proposed bank will operate separately from the company's existing payment business, which has already processed over $600 billion in payments for hundreds of organizations. Notably, applications to establish trust banks are becoming increasingly popular among crypto and payment companies seeking national licenses.

This application aligns with a broader initiative by crypto and payment companies to obtain national trust banking licenses. Companies like Bastion and Ripple have already received conditional approvals, while Circle and BitGo have secured final licenses. Additionally, Kraken's parent company Payward, as well as Zerohash and Block, have also submitted their applications.