Modern Treasury, which provides infrastructure for global money movement, announced that it has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Modern Treasury National Trust Bank.
If approved, Modern Treasury National Trust Bank would operate as a federally regulated, limited-purpose national trust bank under OCC supervision. The proposed bank would provide Modern Treasury customers with a unified custody solution that seamlessly integrates the company’s payments and settlement capabilities with digital asset and custody services.
Together, Modern Treasury and the bank would give customers an integrated way to custody and move stablecoins and fiat. The proposed bank would not make loans or issue stablecoins.
“We believe stablecoins are foundational economic infrastructure for the future,” said Matt Marcus, co-founder and CEO of Modern Treasury.
The application is subject to review and approval by the OCC. Modern Treasury’s existing software and payment services will continue separately.