Key Highlights
- Agora received preliminary conditional approval from the OCC to establish Agora National Trust Bank.
- The proposed bank would oversee stablecoin, custody and transaction services if it receives final approval.
- Agora currently issues AUSD through its Bermuda-regulated subsidiary, Agora Bermuda Limited.
Stablecoin company Agora has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a federally chartered national trust bank.
According to an announcement on September 21, the proposed Agora National Trust Bank would bring parts of the company’s stablecoin, custody, and transaction operations under federal supervision if it receives final approval.
The OCC’s decision is preliminary and conditional. Agora must meet the conditions outlined by the regulator and complete the remaining pre-opening requirements before the proposed bank can begin operations.
Agora’s U.S. Bank would operate separately from Bermuda entity
Agora currently issues AUSD through Agora Bermuda Limited, which is licensed by the Bermuda Monetary Authority to conduct digital-asset business activities.
The proposed U.S. bank would establish a separate federally supervised entity rather than immediately replacing the existing Bermuda issuer.
The OCC’s preliminary approval requires the proposed bank to meet conditions covering areas including capital, liquidity and governance before it can commence operations.
Proposed bank to cover stablecoin and custody services
The OCC decision covers activities connected to Agora’s digital-asset infrastructure, including dollar-backed stablecoin issuance, digital-asset custody and transaction services.
The proposed bank would also provide fiduciary investment advisory services for institutional customers.
AUSD would continue to be issued by Agora Bermuda Limited under Bermuda’s regulatory framework. The stablecoin is backed by reserves that include short-term U.S. Treasuries and other liquid assets, according to the information provided by Agora.
Revolut and Block pursue similar bank structures
Agora’s application comes alongside other recent efforts by crypto and fintech companies to establish federally supervised banking entities.
On September 2, Revolut received preliminary conditional OCC approval for Revolut Bank US, N.A. The proposed bank would offer conventional financial products alongside cryptocurrency and stablecoin services.
Earlier in September, Block applied for Builders Bank & Trust, an uninsured national trust bank focused on Bitcoin and stablecoin custody and related fiduciary services. The proposed institution would not accept deposits or make loans.
OCC records also show pending applications from companies including Payward, Catena Trust Bank and EDX Trust. The applications involve different proposed bank structures and activities.
Digital-asset charter applications increase
The recent applications come amid a broader increase in digital-asset-related bank charter activity at the OCC.
OCC Comptroller Jonathan Gould said in August that the agency had received 40 applications for new bank charters since President Donald Trump took office, including 23 business plans involving some form of digital-asset activity.
Gould described the figure as an eightfold increase compared with the previous four-year period.
The figures cover applications across different types of businesses and do not mean that all applicants will receive approval. OCC records distinguish between applications, preliminary conditional approvals and final authorization to begin operations.
The regulator has also previously granted preliminary conditional approvals to digital-asset firms including Ripple National Trust Bank, Paxos, Fidelity Digital Assets and BitGo.
Agora still needs final OCC approval
Agora must now complete the conditions attached to the OCC’s preliminary decision and satisfy the regulator’s remaining requirements.
Until final approval is granted, Agora National Trust Bank cannot begin operating as the proposed national trust bank.
The application is part of a wider group of crypto and fintech companies seeking federally supervised structures for activities including stablecoin issuance, digital-asset custody and related financial services.
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