The Office of the Comptroller of the Currency (OCC) approved charters for Agora National Trust Bank and Catena Trust Bank on September 18. Additionally, the regulator authorized the conversion of Bastion Platforms Trust Company into a national bank. These approvals reflect a broader trend of increased interest in federal banking charters among new financial service providers.
Bastion Platforms focuses on issuing white-label stablecoins and managing reserve custody. CEO Nassim Eddequiouaq stated that the federal charter allows the company to act as a regulated partner for large financial institutions. The firm aims to facilitate transactions that operate continuously with lower fees compared to traditional wire transfers.
Catena Trust Bank is building financial infrastructure tailored for artificial intelligence agents. The company provides services such as payment processing, treasury management, and account oversight. Its platform includes features like verifiable agent identity and deterministic policy enforcement to manage how AI agents interact with financial assets.
Agora National Trust Bank, which applied for its charter in April, develops a financial operating system for global businesses. Its offerings include settlement infrastructure and tools for managing digital dollars, such as the AUSD stablecoin. CEO Nick van Eck noted that the federal charter is essential for scaling operations within the U.S. market.
The OCC reported receiving 40 new applications over the 18 months preceding August. This volume marks a significant shift in regulatory activity, as the agency received 48 applications in total during the 14-year period from 2011 to 2024. The surge in requests highlights the evolving priorities of companies entering the banking sector.
