Modern Treasury seeks US trust bank charter for digital asset custody

The payments infrastructure company is seeking federal approval to offer stablecoin custody and related fiat services through a limited-purpose national trust bank.

Payments infrastructure company Modern Treasury has applied to establish a US national trust bank that would provide digital asset custody and related fiat services.

According to Monday’s announcement, the company submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Modern Treasury National Trust Bank, which would operate as a federally regulated, limited-purpose national trust bank.

If approved, the bank would allow Modern Treasury customers to custody and move stablecoins and fiat through an integrated service, but would not issue stablecoins or make loans.

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