The Office of the Comptroller of the Currency conditionally approved three national trust charters on Friday, according to Banking Dive. The approvals cover Bastion Platforms Trust Co., which sought to convert its state charter to a national license, and de novos Agora National Trust Bank and Catena Trust Bank. The three conditional trust banks-in-organization submitted their applications in March, April and May, respectively.
The firms operate in distinct areas of digital-asset infrastructure. Bastion white-labels stablecoins for other firms and oversees custody of reserves and customer wallets. Agora is the issuer of AUSD, a stablecoin first issued in August 2024. Catena Labs is developing financial infrastructure for AI agents, with founder Sean Neville describing an "AI-native bank" in which stablecoins would play a significant role. Full approvals remain subject to conditions set by the OCC.
The conditional approvals carry specific capital and liquidity requirements. Bastion must maintain a minimum of $6 million in tier 1 capital, with at least $3 million or 50% of tier 1 capital, whichever is greater, held in eligible liquid assets for its first three years. Agora and Catena each face a $10 million tier 1 capital minimum, with at least $5 million or 50% held in eligible liquid assets over the same period. Each bank must also maintain 180 days of operating expenses in eligible liquid assets for those three years.
What remains unknown is whether the three firms will satisfy the OCC's conditions and receive full approvals. The regulator has received dozens of de novo charter applications in the past 18 months and recently denied two, including British fintech Wise's national trust charter application in July, in part because organizers did not demonstrate sufficient familiarity with federal banking laws and regulations. Spokespeople from Catena and Agora did not immediately respond to requests for comment on their conditional approvals.