According to Cointelegraph, the payments infrastructure company Modern Treasury is seeking federal approval to operate a limited-purpose national trust bank in order to provide stablecoin custody and related fiat services. The request targets a U.S. trust bank charter under applicable financial regulations.
Modern Treasury describes itself as a provider of banking-grade payment infrastructure for businesses. It aims to use the proposed trust bank structure to legally hold and manage stablecoins on behalf of clients while offering associated fiat conversion and settlement services.
The filing seeks authorization through the limited-purpose national trust framework, which allows banks to perform specific non-deposit taking functions related to custody and trust services. No details were provided regarding timelines, regulatory agency contacts, or scope beyond stablecoin custody and related fiat operations.
