Money movement infrastructure company Modern Treasury says it wants to establish a national trust bank.

The company announced Monday (Oct. 5) that it had applied to the Office of the Comptroller of the Currency (OCC) to launch Modern Treasury National Trust Bank.

“If approved, Modern Treasury National Trust Bank would operate as a federally regulated, limited-purpose national trust bank under OCC supervision,” the company said in a news release.

The bank would give customers a “unified custody solution” that combines the Modern Treasury’s payments and settlement capabilities with digital asset and custody services, the release said. This would give customers a way to custody and move fiat and stablecoins, though the proposed bank would not issue stablecoins or make loans.

“We believe stablecoins are foundational economic infrastructure for the future,” said Matt Marcus, co-founder and CEO of Modern Treasury. “We have now fully integrated stablecoins to our payments platform. Pursuing this charter will add direct federally supervised digital asset custody and related services to the infrastructure our customers already use.”

Modern Treasury said it will still offer payment infrastructure through its software and payment service provider, with the proposed bank functioning as a “separate, limited-purpose banking entity” that provides only OCC-permitted services.

Modern Treasury last year acquired Beam, combining that company’s stablecoin and fiat payment service with its own money movement infrastructure, creating a platform that includes traditional and stablecoin settlement rails.

The announcement comes as the OCC’s approval process for digital asset companies seeking banking charters is facing pushback from the banking industry.

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