Payments infrastructure company Modern Treasury has filed an application with the Office of the Comptroller of the Currency to establish Modern Treasury National Trust Bank, a limited-purpose national trust bank. If approved, the bank would allow Modern Treasury customers to custody and transfer stablecoins and fiat assets through an integrated service. The company specified that the bank would not be authorized to issue stablecoins or make loans. Its existing payments platform has already facilitated over $600 billion in transactions. This application is part of a broader push by the crypto sector to obtain national trust bank charters, alongside Circle, BitGo, Ripple and other players that have filed applications or received approvals.
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