Modern Treasury filed for a trust banking license in US to provide digital asset custody services.
#The stablecoin#It's a digital asset#The Trust Bank#The OCC#The Modern Treasury
The Modern Treasury is requesting the establishment of a modern treasury national trust bank to oversee stablecoins and fiat money.
The main point.
Modern Treasury, a payment system infrastructure company, has filed an application to establish the modern treasury national trust bank with the Office of the Comptroller of the Currency. According to Monday's announcement, the proposed bank will be a federally regulated National Trust Bank whose sole purpose is to provide digital asset custody and virtual currency-related services.
The scope of service.
If approved, Modern Treasury's customers will be able to store and redeem stablecoins with fiat money through a fully integrated service; however, the bank will not issue stablecoins or make loans.
The executive view
Matt Marcus, co-founder and600,000 of Modern Treasury stated that the company believes in stablecoins as an economic infrastructure for the future and has integrated them into a full payment platform.
Separate from the original cash transaction.
Modern Treasury states that the proposed bank would operate separately from its current payments business, which has processed more than US$2 billion worth of payments in hundreds of organizations.
The context of the industry.
The request comes at a time when several digital asset and payment infrastructure companies are pushing for the establishment of a National Trust Bank in the US, with Bastion and Ripple receiving conditional approval while Circle and BitGo received final-stage approvals. Payward, parent company to Kraken , Zerohash and Block have also filed requests.
Meaning to the reader.
If the approval process is complete, importantly Modern Treasury will add a way for customers to maintain and move stablecoins with fiat money on the same service without allowing the company to issue stablecoins or issuance credits, and this service will be separate from the payment business that the company already operates.
End of story from Hodler's Digest
Hodler's Digest lists the headings Former SEC boss made AI Czar and Bitcoin may hit 600,000 US dollars this cycle
It's a warning.
This article is information only, not investment advice. High-volatility digital assets should be made with reason.
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