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Crypto Banks Surge: OCC Approves Three New Trust Applicants
21 Sep
Summary
- OCC approved three crypto-focused national trust banks on Sept. 18.
- Agora plans to move its AUSD stablecoin issuance into its proposed bank.
- Bastion will offer white-label stablecoin services to other companies.
The Office of the Comptroller of the Currency (OCC) conditionally approved three crypto-focused national trust banks on September 18. This decision adds Bastion, Catena, and Agora to the growing list of federally regulated digital asset institutions.
Agora National Trust Bank intends to issue dollar-backed stablecoins and provide custody services. Significantly, it plans to transfer the issuance of its AUSD stablecoin from its Bermuda-based entity to the proposed U.S. bank, positioning itself directly in stablecoin issuance.
Bastion Platforms National Trust Company will pursue a different model, offering white-label stablecoin issuance and other regulated services. This allows other companies to launch stablecoins under their own brands. These approvals may diminish the unique advantage of Ripple's preliminary approval for its own national trust bank.
