Modern Treasury in San Francisco, which provides infrastructure for global money movement, has applied to the Office of the Comptroller of the Currency to establish a national trust bank.
The company said that Modern Treasury National Trust Bank, if approved, would provide customers with a custody solution that seamlessly integrates payments and settlement capabilities with digital asset and custody services.
“We believe stablecoins are foundational economic infrastructure for the future,” Matt Marcus, Modern Treasury’s co-founder and CEO, said in a press release. “We have now fully integrated stablecoins to our payments platform. Pursuing this charter will add direct federally supervised digital asset custody and related services to the infrastructure our customers already use.”