Modern Treasury Moves to Open National Trust Bank
Money movement infrastructure company Modern Treasury says it wants to establish a national trust bank. The company announced Monday (Oct. 5) that it had applied to the Office of the Comptroller of the Currency (OCC) to launch Modern Treasury National Trust Bank. “If approved, Modern Treasury National Trust Bank would operate as a federally regulated, […] The post Modern Treasury Moves to Open…
Modern Treasury, a company specializing in money movement infrastructure, has applied to establish a national trust bank under the oversight of the Office of the Comptroller of the Currency (OCC). The proposed bank, Modern Treasury National Trust Bank, would provide customers with a unified custody solution, combining the company's payment and settlement capabilities with digital asset and custody services.
This would allow customers to custody and move both fiat and stablecoins. Matt Marcus, co-founder and CEO of Modern Treasury, believes stablecoins are essential for the future of the economy. The proposed bank would not issue stablecoins or make loans, but would offer direct federally supervised digital asset custody and related services.
Modern Treasury will continue to provide payment infrastructure through its software and payment service provider. The OCC's approval process for digital asset companies seeking banking charters has been met with opposition from the banking industry, with the Independent Community Bankers of America recently suing the OCC over the matter.
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Also reported by 1 other outlet
- Modern Treasury seeks US trust bank charter for digital asset custody cointelegraph.com
