Modern Treasury applies for national trust bank for stablecoin and fiat custody
The firm said pursuing the charter would add federally supervised custody services to its payments platform.
Modern Treasury is seeking approval from the Office of the Comptroller of the Currency to establish a national trust bank that would provide federally supervised digital asset custody and related fiat services alongside its existing money movement infrastructure, the fintech firm said in an Oct. 5 release.
If approved, Modern Treasury National Trust Bank would operate as a limited-purpose national trust bank, giving customers a unified way to custody and move stablecoins and fiat. The proposed institution would not make loans or issue stablecoins.
The proposed bank would be separate from Modern Treasury’s existing software and payment service provider operations. The company said it would continue to provide its current payment infrastructure to customers and partners.
The company is joining a growing wave of fintech and financial firms seeking national trust-bank charters to expand federally regulated digital-asset services.
Circle applied in June 2025 and received approval to establish First National Digital Currency Bank, while Morgan Stanley applied for Morgan Stanley Digital Trust, N.A.
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Fidelity Digital Assets, Paxos, Ripple, BitGo, Bridge, Crypto.com have received conditional approval, while Coinbase, Payoneer, Block and Zero Hash have also pursued national trust-bank charters.
The move comes after Modern Treasury, last valued at $2.2 billion, bought Beam, a stablecoin and fiat payments platform, to integrate stablecoin settlement into its existing payment infrastructure.
Its platform supports traditional payment methods such as ACH and wire transfers, real-time rails including RTP and FedNow, push-to-card payments and checks, as well as stablecoins such as USDC, USDP and USDG.