The Office of the Comptroller of the Currency (OCC) has issued preliminary conditional approvals for three new national trust banks, continuing the agency's expansion of federally chartered institutions focused on digital assets and stablecoins. The moves mark the latest step in the regulator's effort to bring digital-asset banking activities inside the federal banking perimeter. Agora and Catena received approval establish de novo national trust banks, while Bastion was cleared to convert its New York State Trust Corporation into a national trust bank. None of the three institutions will be covered by FDIC deposit insurance — a defining feature of national trust charters, which are limited-purpose banks built around custody, fiduciary and payments activities rather than insured deposit taking.

The largest of the decisions, Corporate Decision #1393, authorizes Agora National Trust Bank, a New York-based subsidiary of Agora Atlas Corp., to engage in dollar-backed stablecoin issuance and reserve maintenance, non-fiduciary digital asset custody, transaction and settlement services on both traditional and blockchain rails, and fiduciary investment advisory services for institutional clients that custody assets with the bank. Following its establishment, Agora intends to migrate issuance of its AUSD stablecoin from its Bermuda affiliate to the national bank through a structured cutover of reserve assets and accounts.

According to the company, the charter will bring its stablecoin, custody and transaction infrastructure under direct federal supervision. Chief Executive and co-founder Nick van Eck framed the approval as a validation of the company's decision to build the full stack in-house — the stablecoin, on/off-ramps, ledger and licenses — rather than relying on third-party issuance providers and resellers. Agora said it plans to operate as a single financial operating system, combining digital dollars, banking, wallets and software workflows under one regulated entity, and to serve clients that include AI-driven businesses. Clients will retain full decision-making authority over advisory recommendations.

Agora announced the decision in a post on X:

Agora has received preliminary conditional approval from the OCC to organize as a national trust bank. A defining early milestone on the path to a full charter for Agora and regulated stablecoin infrastructure.

— Agora (@withAUSD) September 21, 2026 (post on X)

In reaching its determination, the OCC concluded that all proposed activities fall within the operations of a trust company under the National Bank Act, citing its longstanding authority and the GENIUS Act's recognition of stablecoin issuance by uninsured national banks. The regulator also approved the acquisition of AUSD reserves from the affiliate as exempt from Regulation W's quantitative limits — a meaningful carve-out, since Regulation W generally caps the size of transactions between a bank and its affiliates, and the exemption allows the reserve transfer to proceed outside those caps.

The approval carries a set of conditions: a minimum of $10 million in tier 1 capital, with at least half held in eligible liquid assets; 180 days of operating expenses in unencumbered liquidity; mandatory notice to the OCC before any significant business plan deviation during the first three years; and prior no-objection for senior executive appointments.

Banking trade groups objected to the charter on supervisory and legal grounds. The OCC rejected those concerns, pointing to its specialized supervisory unit for novel banks and its receivership framework for uninsured institutions under 12 CFR Part 51.

Catena and Bastion Extend the Trend

Catena Trust Bank secured approval under Corporate Decision #1392, with reporting indicating that its infrastructure is designed to serve AI agent-driven financial activity. Bastion Platforms National Trust Bank received Corporate Decision #1391 as a conversion of its existing state trust charter, gaining a federal footing while remaining outside FDIC insurance, with the OCC now standing in place of the state regime as the bank's supervisor.

The decisions continue an acceleration in trust bank chartering that has already produced approvals for Ripple, BitGo, Paxos, Bridge, World Liberty, Fidelity Digital Assets, Foris DAX and Coinbase, spanning stablecoin issuers, custodians and payment infrastructure firms. Taken together, the three approvals signal that the OCC intends to keep folding stablecoin issuance, custody and settlement into the federal banking perimeter, even as trade groups argue the agency is stretching its statutory authority.

The banks must now complete pre-opening requirements before receiving final authorization to commence business. Points to watch from here include Agora's structured cutover of AUSD reserve assets and accounts from its Bermuda affiliate, and whether each institution satisfies its capital, liquidity and governance conditions on the way to full authorization.

Source: Metaverse Post