Three cryptocurrency companies have received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as national trust banks, a milestone in the push toward federal oversight of stablecoin issuers and digital asset custodians. The approvals, dated September 18, 2026, do not yet allow any of the three firms to open for business.

The OCC conditionally approved national trust charters for Agora National Trust Bank and Catena Trust Bank, separately approving the conversion of Bastion Platforms Trust Company from a state charter to a national license. All three now fall into a category the OCC describes as “trust banks in organization,” meaning each must satisfy specific conditions before it can commence operations.

What Conditional Approval Actually Means

A national trust bank is a federally chartered institution authorized to manage assets and act as a fiduciary — a legal term for an entity that holds or manages money on behalf of others. In practice, trust banks operate as custodians or administrators of assets. They differ from full commercial banks in important ways: they cannot accept everyday checking or savings deposits, and they cannot make loans.

The word “conditional” is the key detail. Each firm has, in principle, received a green light, but it must still complete a checklist of requirements set by the OCC before it can begin operating under its federal charter. Until those conditions are satisfied, the approvals confer no permission to conduct business.

Capital Requirements Each Firm Must Meet

Each company faces its own minimum capital threshold. Bastion must maintain at least $6 million in tier 1 capital — the core financial cushion that regulators require banks to hold. Tier 1 capital is a bank's highest-quality, most stable funding, reserved to absorb losses.

Agora and Catena, which applied as brand-new, or “de novo,” institutions, face a higher bar: each must maintain at least $10 million in tier 1 capital. All three firms are also subject to eligible-liquid-asset requirements during their first three years of operation, meaning they must keep a portion of their holdings in assets that can be sold quickly.

What Each Company Plans to Do

The three firms occupy different niches in the crypto market. Bastion provides white-label stablecoins and custody services for reserves and customer wallets — behind-the-scenes banking infrastructure that other companies can brand as their own. Agora issues AUSD, a stablecoin pegged to the U.S. dollar. Catena is building financial infrastructure designed specifically for AI agents, the automated software programs capable of transacting on their own.

The charters matter because they place the firms under the direct supervision of the OCC, the same regulator that oversees national banks such as JPMorgan Chase. A national charter also removes the patchwork of differing state-by-state rules these companies would otherwise need to navigate — a relevant consideration as crypto industry groups push for clearer federal rules through measures like the CLARITY Act.

Why This Matters for the Crypto Industry

Federal trust-bank charters have become an increasingly explored route for crypto firms seeking legitimacy within the traditional financial system. The route is not unprecedented: the OCC issued its first national trust charter to a crypto company, Anchorage Digital, in January 2021. The OCC's decision to grant three approvals in a single announcement signals an openness to processing these applications, even as each comes with conditions attached.

For ordinary crypto holders, the practical impact is indirect for now. If the firms complete their conditions and begin operating, the result could be more regulated options for stablecoin issuance and digital asset custody. Agora's AUSD stablecoin and Bastion's custody infrastructure could eventually sit under the same federal oversight framework that governs conventional bank trust services.

The decision also arrives amid a broader legislative push, including House efforts to advance a crypto tax framework covering stablecoins, suggesting regulators and lawmakers are moving in the same direction.

The OCC's original conditional approval for Bastion is documented in Corporate Decision No. 1391. The next milestone for each firm is the formal satisfaction of the OCC's pre-opening conditions, after which it would receive final authorization to begin operating under its respective national charter.

At the time of publication, Bitcoin was trading at $86,659, up roughly 1.2% over 24 hours, while the Crypto Fear & Greed Index stood at 71, a reading the index characterizes as “Greed.”

Disclaimer: This article is for informational purposes only and does not constitute or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.

Originally reported by CoinLineup.