Embedded finance news: BaaS
Modern Treasury applies for a national trust bank charter
Modern Treasury files with the OCC for a limited-purpose trust bank to custody stablecoins and fiat. Rain files too.
FDIC deposit insurance approval for Mercury Bank, N.A.
The FDIC cleared Mercury Bank, N.A. for deposit insurance with $300 million of initial paid-in capital.
OCC grants conditional charters to Revolut and OpenReserve
Revolut serves U.S. customers through partner banks today; OpenReserve plans a banking-as-a-service platform.