Three crypto banks get conditional federal approval but still face major hurdles

OCC grants conditional trust-bank status to three stablecoin firms

On September 18, the Office of the Comptroller of the Currency (OCC) moved three stablecoin-focused firms closer to federal trust-bank status. Stablecoins are digital tokens designed to hold a steady value, usually tied to a regular currency like the US dollar. The OCC gave conditional approvals to Agora, Catena, and Bastion, but none of the three can open for business yet because they must still complete final regulatory steps.

The approvals suggest the OCC is building a repeatable path for narrow, uninsured trust banks focused on digital assets. However, the firms still face execution and legal risks, including unfinished stablecoin rules and pushback from state regulators who contest the OCC's approach.

Key numbers and deadlines

• Agora and Catena each need at least $10 million in tier 1 capital and must hold the greater of 50% of that capital or $5 million in liquid assets.
• Bastion needs at least $6 million in tier 1 capital and must hold the greater of 50% of that capital or $3 million in liquid assets.
• All three must hold liquid assets equal to 180 days of operating expenses for a distressed wind-down during their first three years.
• Agora and Catena must notify the OCC 60 days before opening and lose approval if they fail to raise capital in 12 months or open in 18 months.
• Bastion loses its approval if it does not complete its conversion within six months, unless the OCC grants an extension.

What the OCC decisions actually say

Agora and Catena received preliminary conditional approval to organize new national trust banks. Both must complete pre-opening work before the OCC grants final approval and permission to start business. Agora plans to focus on stablecoin issuance, reserves, custody, payments, and advisory services. Catena plans to focus on custody, trust and investment management, along with conversion, clearing, and execution.

Bastion follows a different route. It already operates as Bastion Platforms Trust Company under a New York state charter. The OCC conditionally approved its conversion into a national trust company, subject to conditions and a conversion completion acknowledgement. Bastion plans to offer custodial wallets, conversion, white-label issuance, and issuer services.

None of the cited materials state firm opening dates for any of the three companies. All three institutions are uninsured, meaning they are not insured by the Federal Deposit Insurance Corporation (FDIC). Bastion's decision expressly states it will not take deposits, and Catena's decision notes that payment stablecoins are not deposits and cannot be represented as FDIC-insured.

A growing pattern for digital-asset trust banks

The September 18 decisions fit into a larger trend. The OCC's decision index lists past digital-asset trust-bank actions involving firms like Bridge, Foris DAX, Coinbase, Laser Digital, Wise, and World Liberty. In August, Comptroller Jonathan Gould said 23 of 40 new-charter applications received over roughly 18 months involved digital assets. This volume shows the three recent approvals belong to a larger group rather than standing alone.

A 2026 OCC trust-bank rule, effective April 1, clarified that national trust banks may conduct permissible non-fiduciary activities alongside fiduciary services. The OCC still reviews proposed activities case by case, so a shared pathway still leads to applicant-specific decisions.

What is confirmed

The OCC granted preliminary conditional approval to Agora and Catena for new national trust banks. The OCC conditionally approved Bastion's conversion from a New York state trust to a national trust. All three are uninsured institutions. Each faces specific capital and liquidity requirements, along with deadlines to complete final steps.

What remains unclear

It is unclear when any of the three firms will receive final approval or complete their conversions, as no firm opening dates were stated. Proposed federal stablecoin rules remain unfinished. State regulators continue to contest the breadth of the OCC's authority over these institutions, adding legal uncertainty.

Why the charter alone may not be enough

Federal trust status can reduce regulatory fragmentation by bringing related services under one federal supervisor. However, because the OCC is using a shared framework with repeated conditional approvals, the charter itself is less likely to serve as a self-sufficient advantage. Final approval, distribution, capital, reserve relationships, and operating performance will be the harder tests that decide which firms succeed.

Sources

• CryptoSlate