Modern Treasury has submitted an application to the OCC to establish Modern Treasury National Trust Bank, a federally regulated national trust bank with a limited charter for the custody of digital assets and related fiat services. The proposed bank would allow clients to store and transfer stablecoins and fiat currency within a single service; it would not issue stablecoins or provide lending services.

Stablecoins Already Integrated into Modern Treasury's Platform

Modern Treasury co-founder and CEO Matt Marcus stated that stablecoins are a foundational infrastructure for the future economy, and noted the full integration of stablecoins into the company's payment platform.

The Company's Core Business Has Processed Over $600 Billion

Modern Treasury clarified that the proposed trust bank would operate separately from its existing payments business. The company's current payment infrastructure has processed more than $600 billion in transactions for hundreds of organizations.

Circle and BitGo Receive Final Approvals; Ripple and Bastion Receive Conditional Approvals

Modern Treasury's application comes amid active issuance of national trust licenses to crypto and fintech companies. Bastion and Ripple have received conditional approvals, while Circle and BitGo have received final approvals. Applications have also been submitted by Kraken's parent company Payward, Zerohash, and Block.