OCC Advances Agora, Catena and Bastion Toward Trust Banks

The OCC advanced Agora, Catena and Bastion toward federal trust-bank status on Sept. 18, applying a common regulatory perimeter to three stablecoin-focused businesses. Agora and Catena received preliminary conditional approval for new national trust banks, while Bastion won conditional approval to convert its existing New York trust company. The decisions set capital floors of $10 million for Agora and Catena and $6 million for Bastion, with additional liquidity requirements tied to a distressed wind-down.

Why it matters

The approvals strengthen the case that the OCC is building a repeatable route for narrow, uninsured national trust banks. The institutions will not be ordinary insured commercial banks. Bastion will not take deposits or receive FDIC insurance, while Agora and Catena are also structured as uninsured institutions. Catena’s decision states that payment stablecoins are not deposits and cannot be represented as FDIC-insured.

The route to operation is not complete. Agora and Catena must finish pre-opening work and receive final approval before commencing business. Their approvals expire if they fail to raise capital within 12 months or open within 18 months. Bastion must complete its conversion within six months unless the OCC grants an extension. All three must maintain eligible liquid assets equal to 180 days of fixed and variable operating expenses during their first three years under the federal charter.

The broader pipeline makes the approvals more significant. Jonathan Gould said 23 of 40 new-charter applications received over roughly 18 months involved digital assets. The OCC’s decision record also includes digital-asset trust-bank actions involving Bridge, Foris DAX, Coinbase, Laser Digital, Wise and World Liberty. That activity suggests federal trust status is becoming an entry route that multiple qualified applicants can pursue, rather than a one-off advantage.

Market impact

The firms still have to prove that the charter translates into customers and operating scale. Agora plans to combine stablecoin issuance and reserve management with custody, payments, settlement and fiduciary investment advice. Its proposed transition would move AUSD issuance from Agora Bermuda to the federal bank after establishment, but the transition remains prospective. Catena is targeting custody, investment management and asset-linked conversion, clearing and execution, with a strategy focused on AI-agent businesses.