Agora CEO and Co-Founder Nick van Eck confirmed the news directly in a blog post published September 21, 2026: the Office of the Comptroller of the Currency had issued preliminary conditional approval to Agora on September 18, 2026, to establish Agora National Trust Bank, a proposed trust bank that would provide stablecoin, digital-asset custody, transaction, and fiduciary services to institutional clients.
In the post, van Eck wrote that Agora built the full stack, the stablecoin, on/off ramps, ledger, and licenses, rather than outsourcing pieces of it to third parties, describing the company’s approach as a single financial operating system enterprises can build and run their business on.
The decision was one of three national trust bank approvals the OCC granted the same day, alongside Catena Trust Bank and the conversion of Bastion Platforms Trust Company into a national bank, each recorded as a separate Corporate Decision (#1391, #1392, and #1393). The proposed bank must still satisfy pre-opening requirements and receive final authorization before operating.
Agora shared the development through its official X account, describing the approval as a defining early milestone on the path to a full charter:
What Agora’s Proposed Bank Would Do
Agora National Trust Bank would operate as a limited-purpose trust bank rather than a conventional deposit-taking commercial bank, with an OCC-approved business plan spanning stablecoin issuance and reserve activities, digital-asset custody, transaction services, and fiduciary investment advisory for institutional customers, according to Agora’s own blog post confirming the approval.
| Proposed Service | Focus |
| Stablecoin activities | Issuance and reserve management |
| Digital-asset custody | Institutional asset custody |
| Transaction services | Payments and settlement |
| Investment advisory | Fiduciary services for institutional clients |
Table 1. Proposed activities of Agora National Trust Bank under the OCC-approved business plan.
The proposed bank would not take demand deposits or make loans, and its activities would remain within the limited-purpose trust-bank structure described in the approved plan.
Why Three Charters Landed on the Same Day
Agora’s approval reflects a rule change rather than a coincidence. In April 2026, the OCC amended 12 CFR 5.20, replacing the narrower “fiduciary activities” language with “operations of a trust company and activities related thereto,” clarifying what a trust bank can do in the digital-asset space and opening the door to a wave of applications.
The OCC has previously granted conditional approvals to institutions including First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos, a trend that accelerated further this year with Bridge, Crypto.com, Coinbase, Laser Digital, Morgan Stanley Digital Trust, Revolut, and World Liberty Trust Company.
The OCC received 40 de novo bank applications in the prior 18 months, compared with 48 across the 14 years from 2011 through 2024, worth understanding alongside the existing relationships covered in a guide to the biggest banks using Ripple’s products, since Ripple’s own trust bank approval was part of this same wave. Agora’s application was received April 20, 2026.
AUSD’s Business Before the Charter
The proposed bank would build on Agora’s existing stablecoin business rather than starting fresh. Agora reported AUSD generated more than $11 billion in transfer volume during Q2 2026, a 154% year-over-year increase, with lifetime volume exceeding $84 billion and unique holders surpassing 38,000.
| AUSD Activity | Q2 2026 |
| Quarterly transfer volume | $11B+ |
| Year-over-year volume growth | 154% |
| Lifetime transfer volume | $84B+ |
| Unique holders | 38,000+ |
Table 2. Agora’s reported AUSD activity before the proposed U.S. bank charter.
Agora currently operates AUSD through Agora Bermuda Limited, licensed by the Bermuda Monetary Authority, with reserves including short-term U.S. Treasuries, comparable to the reserve approach explained in USDC’s no-hype breakdown. Reporting differs on whether AUSD issuance will eventually transfer to the new U.S. entity or stay separate from Bermuda, and Agora hasn’t confirmed which structure applies once the bank opens.
Conditions Agora Must Meet Before Opening
The approval includes requirements covering capital, liquidity, governance, auditing, and operational readiness. The bank must maintain at least $10 million in Tier 1 capital, and during its first three years, the greater of $5 million or 50% of Tier 1 capital must be held in eligible liquid assets, plus 180 days of operating expenses separately.
Agora must also obtain OCC non-objection before significant business-plan changes during the organization period and first three years, meaning September’s approval is intermediate rather than a launch.
What Comes Next for Agora’s Charter
The decision requires Agora to raise its required capital within 12 months and open within 18, subject to regulatory requirements and extensions, and approvals expire if a bank doesn’t open within that window absent an extension. Agora has not announced a launch date.
What this means for you: Agora’s conditional OCC approval gives its stablecoin and digital-asset infrastructure business a path toward direct federal supervision in the United States, but the proposed bank is not operational yet. The more significant development is the potential combination of stablecoin activities, digital-asset custody, payments, and settlement within a federally supervised trust-bank structure.
This article is for informational purposes only and does not constitute financial, legal, or investment advice. The proposed bank remains subject to OCC conditions and final approval. Digital assets and stablecoins involve regulatory, custody, liquidity, technology, and market risks.
