Payments infrastructure company Modern Treasury has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Modern Treasury National Trust Bank. The proposed entity would operate as a federally regulated, limited-purpose national trust bank designed to provide digital asset custody and related fiat services. If approved, the bank would enable customers to custody and move stablecoins and fiat through an integrated service, though it would not issue stablecoins or make loans.
The application reflects broader industry trends, with companies like Bastion and Ripple receiving conditional approvals, while Circle and BitGo have secured final approvals. Other applicants include Kraken parent Payward, Zerohash, and Block. Modern Treasury stated that the proposed bank would operate separately from its existing payments business, which has facilitated more than $600 billion in payments across hundreds of organizations. Co-founder and CEO Matt Marcus emphasized that stablecoins are foundational economic infrastructure for the future.
Modern Treasury’s pursuit of a national trust bank charter signals a strategic consolidation of traditional payment rails with emerging digital asset infrastructure under federal oversight. By seeking OCC approval, the company aims to integrate stablecoin custody directly into its established payments platform, addressing institutional demand for compliant, unified financial services. This move underscores the growing convergence between legacy fintech operations and crypto-native capabilities, where regulatory clarity serves as a prerequisite for scaling enterprise adoption.
The competitive landscape for such charters is intensifying, with major players like Circle and BitGo already holding final approvals while others await conditional status. For Modern Treasury, operating the new bank separately from its core payments business mitigates operational risk but requires navigating complex regulatory boundaries regarding non-lending activities. Success would position the firm alongside other licensed custodians, potentially accelerating the mainstream integration of stablecoins into corporate treasury management systems.
