According to CoinMeta, Modern Finance Corporation ( Modern Treasury ) has submitted an application to the Federal Reserve Board of the United States ( OCC ) seeking to establish a national trust bank in the U.S. If approved, the bank will allow customers to store and transfer stablecoins and fiat currencies through integrated services, but it will not issue stablecoins or provide loans. Matt Marcus, co-founder and CEO of Modern Finance Corporation ( Matt Marcus ), stated that stablecoins are the foundation of future economic infrastructure. The company mentioned that the proposed bank will operate separately from its existing payment business, which has already processed over $600 billion in payments for hundreds of organizations.