OCC Grants Three Digital Asset Firms National Trust Charters
The OCC approved three conditional trust charters for digital asset firms ahead of the 2027 GENIUS Act deadline.
Key points
- The OCC approved conditional national trust charters for Bastion, Catena, and Agora on Friday.
- These firms seek federal supervision for stablecoin and custody services ahead of the 2027 GENIUS Act.
- Agora plans to migrate its AUSD stablecoin issuance from Bermuda to the new US-based entity.
The Office of the Comptroller of the Currency issued three conditional approvals on Friday. These national trust charters target Bastion Platforms, Catena Labs, and Agora. Each firm seeks federal supervision for custody and stablecoin activities without becoming a deposit-taking bank.
The agency aims to bring these entities under its oversight before the GENIUS Act takes effect in January 2027. This move aligns with a broader regulatory push to integrate digital assets into the federal framework. The conditional status allows the OCC to assess operational readiness during the transition period.
Firms seek federal stablecoin oversight
Joel Hugentobler of Javelin Strategy and Research noted a clear common thread among the applicants. They want to place digital asset and stablecoin operations under a unified federal framework. This approach avoids the complexities of traditional deposit-taking banking structures.
Bastion Platforms, a white-label stablecoin partner, is converting from a New York state charter to a national one. Its CEO stated that the OCC has become the primary regulator for stablecoin issuance. The company believes the current regulatory environment provides sufficient clarity for market entry.
Agora shifts stablecoin issuance to US
Agora Labs plans to move its AUSD stablecoin issuance from Bermuda to the new US entity. Nick van Eck, co-founder and CEO, said the charter will place their infrastructure under direct federal supervision. This consolidation aims to provide clients with a single entry point for banking services.
Catena targets AI agent banking needs
Catena Labs focuses on creating banking platforms specifically for AI agents. Its CEO explained that the conditional approval is a step toward building this specialized institution. The firm intends to combine enforceable controls on agent spending with responsible asset management.
American Banker reports that these approvals reflect a significant shift in regulatory strategy. The OCC is positioning itself as the lead authority for digital asset custody. This move establishes a consistent standard across state and federal levels for stablecoin regulation.
