According to CoinMeta, payment infrastructure company Modern Treasury has applied to the Federal Reserve Bank of the United States (OCC) to establish Modern Treasury National Trust Bank. If approved, the bank will operate as a limited-purpose national trust bank supervised by OCC, serving customers and integrating with Modern Treasury's existing payment and settlement capabilities, allowing customers to centrally manage and transfer both stablecoins and fiat currencies. The proposed bank will not issue loans or stablecoins and will not commence operations until it receives final approval and authorization from OCC. Modern Treasury's existing software, payment services, and business partnerships with banks and stablecoins will remain unchanged.