Three Charters in One Day
The Office of the Comptroller of the Currency approved three crypto bank charters on September 18, 2026. Agora, Bastion Platforms, and Catena Labs each received conditional federal trust bank approval. Agora and Catena require $10 million in working capital as de novo crypto bank charter applicants. Bastion, converting from a New York state charter, needs $6 million.
Agora issues the AUSD stablecoin and applied in April 2026. The company plans to move issuance from its Bermuda-licensed entity to the new national trust bank once the conditional approval becomes final. CEO Nick van Eck described the charter as bringing 'direct federal supervision' to their infrastructure.
Bastion operates as a white-label stablecoin provider for corporate clients. The firm already holds a New York trust company charter and is converting to federal oversight. CEO Nass Eddequiouaq noted that 'OCC has caught up very quickly over the last year and a half.'
Catena Labs, founded by Circle co-founder Sean Neville, is building banking infrastructure for AI agents. The company proposes investment management, digital asset custody, and trust services. Neville stated that 'AI agents need a new kind of banking platform.'
Application Surge Outpaces Thirteen-Year Total
The OCC received 40 de novo bank applications over the past 18 months. That number exceeds the 48 applications the agency processed during the entire 2011-2024 period. The data comes from an OCC document published alongside the three crypto bank charter approvals.
Not all 40 applications are crypto-focused, but the coordinated regulatory shift in September has accelerated filings from digital asset firms. The approvals arrive ahead of the GENIUS Act, which takes effect in January 2027 and establishes a framework for digital asset regulations.
Capital and Compliance
The three approvals are preliminary and conditional. The OCC decision letters, published on September 22, do not specify which conditions must be met before final approval. Standard requirements typically include risk management frameworks, anti-money-laundering programs, and compliance infrastructure.
Agora's AUSD launched in 2024 and currently operates under Bermuda Monetary Authority regulation. Bastion's clients include Sony Bank. Catena's infrastructure includes what the company calls 'deterministic policy enforcement, immutable audit trails, and verifiable agent identity.'
Federal charters grant stablecoin issuers and digital asset custodians access to the banking system without state-by-state licensing. The three firms join a growing number of crypto companies seeking OCC oversight. Earlier applications from Circle, Ripple, and Paxos remain pending. Twenty-one banks entered the stablecoin market in September alone, though most operate under existing charters rather than seeking new ones.
Bastion CEO Eddequiouaq's comment about the OCC 'catching up' reflects a shift in regulatory posture. The agency declined most crypto bank charter applications during 2021-2023. The 18-month surge in filings suggests firms expect approval odds have improved. Stablecoin regulation has lagged market growth, but federal oversight now appears more accessible. Whether that proves correct depends on how many conditional approvals become final charters.