Modern Treasury, the payments infrastructure company, has asked the government for permission to hold digital assets as a federally regulated bank. The company submitted an application to the Office of the Comptroller of the Currency (OCC) on Monday, seeking to establish Modern Treasury National Trust Bank as a limited-purpose national trust bank.
The request comes as part of a wider push among crypto and payments companies to secure national trust bank charters. Bastion and Ripple have received conditional approvals, while Circle and BitGo have received final approvals. Kraken parent Payward, Zerohash and Block have also submitted applications.
What Modern Treasury Wants
The proposed bank would let Modern Treasury customers hold and move stablecoins and fiat money through a combined service. The bank would not issue stablecoins or make loans.
“We believe stablecoins are foundational economic infrastructure for the future,” Modern Treasury co-founder and CEO Matt Marcus said, adding that the company has fully integrated stablecoins into its payments platform.
The bank would operate separately from the company’s existing payments business, which has handled more than $600 billion in payments across hundreds of organizations.
The Charter Push
National trust bank charters are limited-purpose licenses. The OCC oversees these banks, which are chartered by the federal government rather than by individual states.
Circle and BitGo have secured final approvals, giving them the ability to operate as trust banks. Bastion and Ripple have conditional approvals. Kraken parent Payward, Zerohash and Block have submitted applications.
Why Stablecoins Matter
Stablecoins are tokens designed to keep a steady value. They are used for payments, cross-border transfers and trading. Modern Treasury’s argument is that they are becoming essential to how money moves around the economy.
Marcus framed the move as a bet on the future of payments. He said the company has already built stablecoins into its payments platform, and the bank would extend that integration to custody and movement.
The company has not said when it expects a decision from the OCC.
What This Means for Customers
If approved, Modern Treasury customers would gain a federally regulated option for holding and moving stablecoins and fiat money. The bank would sit alongside the company’s existing payments platform, which has processed more than $600 billion across hundreds of organizations.
The separation between the bank and the payments business is a key part of the proposal.
The Broader Trend
Modern Treasury is not alone in pursuing this path. Other payments companies are seeking national trust bank charters, and Modern Treasury’s application adds to that queue.
Circle and BitGo have secured final approvals, and Bastion and Ripple have conditional approvals. Payward, Zerohash and Block have submitted applications.
The OCC’s Role
The OCC is responsible for chartering and supervising national banks. Its oversight extends to trust banks, which are granted limited-purpose licenses.
The OCC has issued charters to several companies, and its decisions shape the landscape of regulated crypto activity.
What Happens Next
The OCC will review Modern Treasury’s application. The company is waiting on the agency’s decision.
If approved, Modern Treasury National Trust Bank would join the growing list of regulated crypto custodians. If denied, the company would need to find another path to offering the service.
The outcome could set a precedent for other payments companies looking to hold digital assets under federal supervision.
Key Facts
- Application: Submitted to the OCC on Monday
- Bank name: Modern Treasury National Trust Bank
- Purpose: Custody and movement of stablecoins and fiat money
- Existing payments volume: More than $600 billion across hundreds of organizations
- Approvals to date:
- Final: Circle, BitGo
- Conditional: Bastion, Ripple
- Pending: Payward, Zerohash, Block
- CEO: Matt Marcus
The OCC’s decision will determine whether Modern Treasury can operate as a federally regulated trust bank. For now, the company is waiting on the agency’s review.
The OCC has already shown it is willing to approve charters for companies that meet its standards. Circle and BitGo have final approvals, and Bastion and Ripple have conditional approvals.
The fact that Modern Treasury has submitted an application shows the company believes it can meet those standards. The OCC will be the judge of that.
The broader trend is clear: crypto and payments companies are increasingly looking to operate under federal supervision. Modern Treasury’s move fits that pattern.
Whether the OCC grants the charter remains unknown. The agency will review the application and decide based on its own criteria.
For Modern Treasury, the stakes are high. A federal charter would give the company a regulated pathway to offer custody and movement of stablecoins and fiat money.
The company has already integrated stablecoins into its payments platform. The next step is getting permission to hold them in a federally regulated bank.
The OCC’s decision will determine whether that happens. For now, the company is waiting on the answer.
Source material: “Modern Treasury seeks US trust bank charter for digital asset custody,” Cointelegraph.
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