Agora moves closer to U.S. national trust bank after OCC approval

Agora has secured preliminary conditional approval from the U.S. Office of the Comptroller of the Currency to establish Agora National Trust Bank, bringing the stablecoin company a step closer to operating its issuance, custody and transaction infrastructure under federal supervision.
Summary

• Agora has received preliminary conditional OCC approval to establish a national trust bank that would handle stablecoin issuance, custody and digital asset transaction services.
• Final authorization remains subject to preopening requirements, including at least $10 million in Tier 1 capital and an OCC examination before operations can begin.
• Agora plans to bring stablecoins, wallets, banking services and software workflows under one regulated entity as part of its financial infrastructure business.
• The proposed bank must raise the required capital within 12 months and open within 18 months of preliminary approval or seek an extension from the OCC.

According to the OCC's Sept. 18 decision, the proposed New York based bank would operate as a wholly owned subsidiary of Agora Atlas Corp. and conduct limited purpose trust activities once it completes the regulator's preopening requirements. The agency has not yet authorized the bank to begin operations.

Agora said the proposed trust bank would bring its stablecoin, custody and transaction infrastructure under direct federal supervision. The company plans to combine stablecoins, banking services, wallets and software workflows within a single regulated entity.

"Enterprises shouldn't have to assemble a collection of vendors who don't talk to each other," Agora said while describing the model it plans to build under the charter.

Final authorization remains subject to the company meeting the OCC's conditions before opening. The regulator retains the authority to modify, suspend or withdraw the preliminary approval before the bank starts operating.

Agora national trust bank would handle stablecoin issuance and custody

Agora National Trust Bank plans to issue and redeem dollar backed stablecoins while providing digital asset custody and transaction services for institutional customers.

The bank would offer fiduciary investment advisory services to selected customers that custody digital assets with the institution. Its planned services include analyzing client asset positions and providing recommendations involving investment and yield generating opportunities in digital asset markets.

Agora Atlas was incorporated in Delaware in October 2023 and sits above several entities in the Agora group, including Agora Bermuda Limited, Agora Blue Ltd. and the Agora Reserve Fund.

Under the proposed structure, Agora intends to bring more of the infrastructure supporting its stablecoin operations inside the group instead of relying on separate providers for individual services.

The company currently operates AUSD, its dollar backed stablecoin. Agora has previously described its business as covering issuance, fiat on and off ramps and ledger infrastructure, while the proposed federal charter would add a regulated U.S. banking entity to that structure.

AUSD has been expanding across blockchain networks since its launch. An earlier AUSD expansion to Injective placed the stablecoin on a network where it could be used for onchain liquidity and decentralized finance applications. Agora said at the time that AUSD was fully collateralized and minted against the U.S. dollar.

Agora has worked with established financial companies for its reserve structure. VanEck manages AUSD's reserve assets, while State Street serves as custodian, according to previous company disclosures.

The stablecoin has been used in institutional transactions as well. Agora and Galaxy Digital completed the first AUSD OTC transaction, with Agora CEO and co founder Nick van Eck saying at the time that the company intended to position AUSD for the institutional stablecoin market.

Final OCC approval comes with capital and operating conditions

Preliminary approval does not allow Agora National Trust Bank to begin conducting banking operations.

The OCC requires the proposed bank to satisfy its preopening conditions before final authorization can be granted. Agora must maintain at least $10 million in Tier 1 capital and meet requirements covering its management, directors, auditing arrangements and operational readiness.

Agora must notify the regulator before making significant departures from the business plan reviewed during the application process. Its operations must remain limited to trust company activities and related services described in the approved plan.

Stablecoin issuance and redemption must comply with the GENIUS Act and implementing regulations. The OCC can require Agora to change, stop or divest activities if necessary to comply with the federal stablecoin framework or other applicable laws.

The company faces deadlines to complete the process. Capital must be raised within 12 months of the preliminary conditional approval, while Agora National Trust Bank must open within 18 months or the approval will expire. The OCC said extensions are generally opposed except under extenuating circumstances outside an applicant's control.

Agora submitted its national trust bank application on April 20, according to the OCC's digital asset licensing records.

The Sept. 18 decision came alongside approvals involving two other digital asset businesses. The OCC granted preliminary conditional approval to Catena Trust Bank and approved Bastion Platforms Trust Company's conversion to a national trust bank on the same date.

Agora joins a growing group of digital asset companies pursuing federal banking structures as stablecoin and crypto businesses move parts of their operations under OCC supervision.

Crypto.news previously reported that the OCC had listed 13 digital asset applications in August, including applications from Agora, Payward National Trust Company, Dakota National Trust Bank and zerohash. The regulator's records showed Agora's application had been pending since April before the Sept. 18 decision.

Several crypto companies had already reached the conditional approval stage. Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos received decisions in December 2025, followed by other applicants during 2026.

Circle moved beyond the conditional stage in July when the OCC gave final trust bank approval for First National Digital Currency Bank after the company completed its preopening requirements. Circle had initially applied in June 2025 and received conditional approval that December.

Conditional charters have not been limited to stablecoin issuers. Stripe owned Bridge received approval in February for a national trust bank designed around stablecoin infrastructure, while Crypto.com secured a conditional decision for Foris DAX National Trust Bank during the same month.

More recently, World Liberty Financial received preliminary approval in August to establish a national trust bank that plans to issue USD1, manage reserves and provide institutional custody services. Its proposed institution must maintain at least $20 million in eligible capital before opening.

National trust banks operate differently from full service commercial banks. The structures pursued by many digital asset companies focus on custody, fiduciary, settlement and related activities and generally do not provide conventional demand deposits or lending.

Agora plans to use its proposed bank to consolidate services that are currently handled across multiple pieces of stablecoin infrastructure. The company said its intended model would combine digital dollars with wallets, banking tools and operational software through one system.

Before opening, Agora National Trust Bank must notify the OCC that all preopening conditions have been met, demonstrate that the institution is operationally ready and request a preopening examination. Final authorization to commence business will depend on the regulator completing that process.

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