OCC Conditionally Approves Three National Trust Charters
The Office of the Comptroller of the Currency (OCC) has conditionally approved three national trust charters, including two de novo institutions—Agora National Trust Bank and Catena Trust Bank—and Bastion Platforms Trust Co., which is converting its state charter to a federal one. These approvals follow applications submitted between March and May 2026. Conditional trust charters allow entities to manage assets and act as fiduciaries but do not permit taking demand deposits or making loans. The approved institutions include firms involved in stablecoin infrastructure, such as Agora (issuer of AUSD) and Bastion Platforms Trust Co., which provides custody services for stablecoins used by other companies. Catena Labs is developing AI-native financial infrastructure with a focus on integrating stablecoins into the future banking ecosystem. The OCC has received numerous de novo charter applications in recent years but also denied some, including Wise's application due to insufficient familiarity with U.S. federal regulations. Each institution must meet specific capital and liquidity requirements for their first three years of operation under conditional approval.
Topics: banking regulation financial infrastructure stablecoins