Modern Treasury Seeks Federal Trust Charter for Stablecoin Services
The proposed limited-purpose bank would offer custody and fiat services if approved by the Office of the Comptroller of the Currency (OCC).
Modern Treasury is seeking a federal trust bank charter to offer stablecoin custody and fiat services through a dedicated institution, joining a broader push by crypto and payments companies for national trust charters.
Modern Treasury asked the Office of the Comptroller of the Currency (OCC) for a charter for Modern Treasury National Trust Bank, a limited-purpose national trust bank. If approved, the institution would let customers custody and move stablecoins and fiat through one integrated service. It would not issue stablecoins or make loans.
The proposed institution would be separate from Modern Treasury's payments business, which has handled more than $600 billion in payments for hundreds of organizations.
Other companies pursuing national trust bank charters include Bastion and Ripple, which have received conditional approvals, and Circle and BitGo, which have received final approvals. Payward, Kraken's parent company, Zerohash and Block have also applied.
The bank's services would depend on OCC approval.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.