According to CoinMeta, payment infrastructure company Modern Finance (Modern Treasury) has submitted an application to the Monetary Authority (OCC) with plans to establish a Modern Finance National Trust Bank in order to obtain qualifications for digital asset custody and fiat currency services. Co-founder and CEO (Matt Marcus) stated that stablecoins are the foundational economic infrastructure of the future, and the company has already integrated them into its payment platform. If approved, this entity will operate as a federally regulated limited-purpose national trust bank, allowing customers to hold and transfer stablecoins and fiat currency, but it will not be involved in issuing stablecoins or providing lending services.