Modern Treasury, known for its payments infrastructure, has lodged an application with the Office of the Comptroller of the Currency to create a federally regulated national trust bank that would focus on digital-asset custody.
Application overview
The company’s filing seeks to establish the Modern Treasury National Trust Bank as a limited-purpose national trust bank under U.S. law. By positioning the entity as a separate legal arm from its existing payments business, Modern Treasury aims to meet regulatory expectations for a trust charter while leveraging its existing technology stack.
Services the bank would provide
If the OCC grants the charter, the bank would enable clients to hold and transfer stablecoins alongside traditional fiat currencies through a single, integrated platform. The firm has emphasized that the new bank will not create its own stablecoins nor engage in lending activities, keeping its role strictly custodial and transactional.
Industry landscape
Modern Treasury’s initiative arrives amid a broader industry push for trust-bank status. Companies such as Bastion and Ripple have already secured conditional approvals, while Circle and BitGo have received final approvals for similar structures. Additional applicants—including Payward (the parent of Kraken), Zerohash and Block—have also submitted charters, signaling a growing trend of crypto-related firms seeking regulated banking frameworks.
Potential implications for payments and crypto
Integrating stablecoin custody directly into a regulated trust bank could simplify the flow of digital assets for businesses that already rely on Modern Treasury’s payment solutions, which have processed more than $600 billion for a diverse client base. By offering a compliant bridge between fiat and stablecoins, the bank may lower operational friction and encourage broader adoption of stablecoins as a component of everyday commerce.
Why it matters
The move reflects an evolving regulatory environment where traditional banking structures are being adapted for digital assets. A successful charter would provide a blueprint for other fintech and crypto companies seeking to embed stablecoins within regulated financial services, potentially accelerating mainstream acceptance and fostering tighter integration between the crypto ecosystem and conventional banking.
