OCC Approves Three New Crypto-Focused National Trust Banks
The Office of the Comptroller of the Currency (OCC) approved three new national trust banks—Bastion, Catena, and Agora—on September 18. These institutions are focused on digital asset custody, stablecoin issuance, and institutional services, expanding competition in a growing sector. Agora plans to move its AUSD stablecoin operations into the newly approved bank, which could directly challenge Ripple's RLUSD by offering similar infrastructure under federal supervision. Bastion aims to provide white-label solutions for other companies launching their own stablecoins, backed by major investors like Coinbase Ventures and Andreessen Horowitz. Catena is building a platform tailored for AI agents and institutional clients, focusing on custody and clearing services across digital assets and securities. The new entrants may dilute Ripple's previously unique position in the space as more regulated alternatives emerge.
Tickers: $XRP
Topics: digital asset custody federal regulation OCC Ripple stablecoins