Modern Treasury seeks US trust bank charter for digital asset custody

Modern Treasury has applied to the US Office of the Comptroller of the Currency for a limitedpurpose national trust bank charter that would let it offer custody for digital assets and related fiat services. If approved, the proposed bank would allow customers to hold and move stablecoins and traditional currency through a single integrated service. The company said the bank would be separate from its existing payments business and would not issue stablecoins or make loans. Modern Treasury CEO Matt Marcus said the firm already uses stablecoins in its payments platform. The company also noted that its payments business has processed more than $600 billion for hundreds of organizations. The filing comes as several crypto and payments companies pursue similar bank charters, including Circle, BitGo, Kraken parent Payward, Zerohash and Block.