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OCC moves three stablecoin firms toward federal trust-bank status
The OCC’s conditional steps still leave Agora and Catena awaiting final approval and capital funding timelines, while Bastion must complete a conversion within set deadlines.
The Office of the Comptroller of the Currency on Sept. 18 advanced three stablecoin-focused firms toward federal trust-bank status, using a consistent trust-company framework across Agora, Catena and Bastion, according to CryptoSlate.
CryptoSlate reports that the OCC’s actions strengthen the case for a repeatable pathway for narrow, uninsured trust banks, but the approvals come with legal and execution risk. Agora and Catena received preliminary conditional approval for de novo national trust banks and must still obtain final approval to open, while state supervisors continue to contest the OCC’s approach. Bastion, which already operates under a New York trust charter, was conditionally approved to convert into a national trust company, with conversion completion required before it can operate under the national charter.
The timeline details differ by applicant. Agora and Catena must send OCC chartering staff a letter at least 60 days before a scheduled opening, and their approvals expire if they fail to raise capital within 12 months or open within 18 months. Bastion’s approval automatically terminates if its conversion is not completed within six months unless the OCC grants an extension under extenuating circumstances.
Across the three decisions, CryptoSlate says the OCC applied similar limits, requiring each institution to operate within trust-company activities and related services, and to stay outside the Bank Holding Company Act definition. The cited materials do not provide opening dates for any of the firms.