Agora, Catena, And Bastion Win Conditional OCC Nods As Federal Trust Charter Wave Accelerates
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. Agora and Catena received approval to establish de novo national trust banks, while Bastion was granted approval to convert its New York State Trust Corporation into a national trust bank. None of the institutions will be covered by FDIC deposit insurance.
The largest of the three 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 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.
Agora reported that the charter will bring its stablecoin, custody, and transaction infrastructure under direct federal supervision, with CEO and co-founder Nick van Eck framing 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 reported that it plans to operate as a single financial operating system, combining digital dollars, banking, wallets, and software workflows under one regulated entity, and positioning itself to serve clients that include AI-driven businesses. Clients will maintain full decision-making authority over advisory recommendations.
The OCC concluded that all proposed activities fall within 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. It also approved the acquisition of AUSD reserves from the affiliate as exempt from Regulation W’s quantitative limits. Conditions include 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 OCC notice before significant business plan deviations 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, citing a 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 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.
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. 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.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
