Modern Treasury seeks US trust bank charter for digital asset custody

Modern Treasury, a payments infrastructure company, has applied for a US national trust bank charter to offer stablecoin custody and related fiat services. The proposed bank, Modern Treasury National Trust Bank, would operate as a federally regulated, limited-purpose national trust bank, allowing customers to custody and move stablecoins and fiat through an integrated service.

The company's co-founder and CEO, Matt Marcus, believes stablecoins are foundational economic infrastructure for the future and has integrated stablecoins into its payments platform. If approved, the bank would operate separately from Modern Treasury's existing payments business, which has facilitated over $600 billion in payments across hundreds of organizations.

This application is part of a broader trend among crypto and payments companies seeking national trust bank charters, with other companies such as Bastion, Ripple, Circle, BitGo, Kraken parent Payward, Zerohash, and Block also submitting applications.

Brief written by urgent.news from Cointelegraph's own syndicated text. Machine-written — may contain errors; check the original before relying on it.