Modern Treasury Applies for US Trust Bank Charter for Digital Asset Custody
- Modern Treasury has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
- The proposed Modern Treasury National Trust Bank would provide custody services for stablecoins and fiat currency.
- If approved, it will not issue stablecoins or provide loans, focusing solely on custody and transfer services.
- The bank aims to operate separately from Modern Treasury’s existing payments platform, which has processed over $600 billion in transactions.
- This application is part of a growing trend among crypto firms seeking national trust bank charters, with several companies already receiving approvals.
Modern Treasury’s initiative reflects a broader movement in the financial sector towards integrating stablecoins into mainstream banking infrastructure as foundational economic tools. The outcome of this application could influence how digital assets are managed in regulated environments.
With over $600 billion processed through its payments platform, Modern Treasury’s proposed bank could significantly impact digital asset custody if granted approval. (Source)
