Modern Treasury applies to the OCC to establish a national trust bank for digital asset custody, the same day Rain files for one

Modern Treasury has submitted an application to the Office of the Comptroller of the Currency to establish Modern Treasury National Trust Bank. If approved, the bank would operate as a federally regulated, limited-purpose national trust bank providing digital asset custody and related fiat services to Modern Treasury customers, who would be able to custody and move stablecoins and fiat through one integrated service. It would not make loans or issue stablecoins.

Co-founder and CEO Matt Marcus said the company has now fully integrated stablecoins into its payments platform, which has moved more than $600 billion for hundreds of organisations, and that the charter would put its digital asset custody under direct federal supervision. The existing payments business continues separately.

The same day, Rain filed with the OCC to establish Rain National Trust Bank, which would custody digital assets and dollars for institutional clients, manage reserves for permitted stablecoin issuers and issue and redeem dollar-backed stablecoins under the GENIUS Act. Circle and BitGo already hold final approvals, Bastion and Ripple conditional ones, and Payward, Zerohash and Block have applied.

The read: the trust charter is becoming the standard structure for stablecoin infrastructure, and community banks are suing to stop it.