Modern Treasury applied October 5, 2026 to the OCC to launch Modern Treasury National Trust Bank — a federally regulated, limited-purpose national trust bank.
If approved, customers get unified custody combining payments/settlement with digital asset services. Customers could custody and move fiat and stablecoins; bank would not issue stablecoins or make loans.
Modern Treasury continues payment infrastructure via software and PSP; proposed bank operates as separate limited-purpose entity with OCC-permitted services only.
Announcement comes amid ICBA lawsuit against OCC alleging crypto firms enter banking via trust charter with insufficient scrutiny. ICBA President Rebeca Romero Rainey: “Congress did not create the national trust charter as a side door into the banking system for crypto firms.”