OCC conditionally approves Bastion, Catena and Agora as national trust banks for stablecoin services

On 18 September 2026 the US Office of the Comptroller of the Currency (OCC) issued three conditional charter decisions for trust banks centred on dollar stablecoins and digital-asset custody. Bastion Platforms' New York state trust company was cleared to convert into a national trust bank. Catena Labs and Agora received preliminary conditional approval for new national trust banks in New York.

What changes

• Bastion Platforms National Trust Company plans white-label stablecoin issuance, white-label custodial wallets run as a fiduciary, fiat-USDC conversion for custody customers, and issuing and reserve services for other authorised stablecoin issuers. It will take no deposits and will not be FDIC-insured. It needs at least $6 million in tier 1 capital plus 180 days of operating expenses in eligible liquid assets, and the conversion must be completed within six months.
• Catena Trust Bank, N.A., wholly owned by Catena Labs, may offer custody, trust, investment management, conversion, clearing and execution across fiat, securities and digital assets, payment stablecoins included once the GENIUS Act rules apply. PYMNTS reports that Catena is building accounts, payments and treasury tools for AI agents, with controls over how agents use funds.
• Agora National Trust Bank will concentrate on issuing dollar-backed stablecoins and holding their reserves, non-fiduciary custody, and payment and settlement for custody clients, who will be institutions and businesses only. It will not be an insured depository institution. Agora's parent intends to move issuance of its AUSD stablecoin from its Bermuda affiliate to the bank once it is established.
• Catena and Agora each need at least $10 million in tier 1 capital. Each approval expires if that capital is not raised within 12 months or the bank has not opened within 18 months.

PYMNTS notes that the OCC has received 40 de novo applications in 18 months, against 48 across 2011 to 2024.

Why it matters for buyers

Banks, fintechs and platforms that want a branded dollar stablecoin, regulated stablecoin custody or fiat-to-stablecoin conversion have more federally chartered trust banks to shortlist. Catena and Agora hold only preliminary approval, so confirm whether a provider is open for business or still raising capital.

Questions worth putting to a provider:

• Which entity issues the token today, and will issuance or reserves move to a national trust bank? When?
• Is custody fiduciary or non-fiduciary?
• Bastion and Agora will not be FDIC-insured. How is money held for your end customers protected?
• What happens to your programme if a charter deadline is missed?