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      Modern Treasury Applies for US Trust Bank Charter for Digital Asset Custody

      Modern Treasury, a payments infrastructure company based in San Francisco, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a limited-purpose national trust bank charter. The proposed entity, named Modern Treasury National Trust Bank, aims to provide custody services for digital assets, including stablecoins, alongside related fiat services. This application was filed on October 5, 2026, as part of the company's strategy to integrate digital asset capabilities into its existing payment services.

      The limited-purpose national trust bank charter would allow Modern Treasury to perform fiduciary and custody functions under federal supervision, while explicitly prohibiting deposit-taking and lending activities. The company has emphasized that the trust bank will operate separately from its current payment service provider business, ensuring that the new regulated entity focuses solely on digital asset custody without engaging in lending or issuing stablecoins.

      This move follows Modern Treasury's acquisition of Beam in October 2025, which enabled the integration of stablecoin capabilities into its platform. CEO Matt Marcus highlighted that the charter would facilitate direct federal oversight of the company's digital asset custody operations, positioning stablecoins as essential infrastructure for future economic activities. The application initiates the OCC's review process, and Modern Treasury cannot commence operations until it secures the necessary approvals.

      Modern Treasury's application is part of a broader trend among fintech and digital asset firms seeking national trust charters from the OCC. Other companies, including Circle, Paxos, and Ripple, have also pursued similar charters, reflecting a growing acceptance of regulated frameworks for digital assets. If approved, Modern Treasury's trust bank could allow businesses to manage both stablecoins and fiat currencies under one federally supervised entity, simplifying the custody process for users.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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