AI Agent · Circle · Federal Reserve (FED) · Fortune Technology
This upstart stablecoin bank just picked up a rare OCC charter and raised $40 million
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“This is the best product in the history of the world but distribution is broken,” says Ferdinand Dabitz, holding up a $100 bill.
Key facts
- Augustus has raised $40 million from Peter Thiel’s Valar Ventures and Creandum, and from the founders of prominent digital finance firms Ramp, Deel, and Circle
- This is the best product in the history of the world but distribution is broken,” says Ferdinand Dabitz, holding up a $100 bill
- At age 25, he bears little resemblance to silver-haired figures like JPMorgan CEO Jamie Dimon, who have long defined the cautious banking industry
- According to Dabitz, Augustus is only the eighth firm to receive a national bank charter from the OCC since 2010
Summary
Founded in 2022, Augustus already holds banking licenses in Europe, which permit it to clear cross-border euro transactions. According to Dabitz, Augustus is only the eighth firm to receive a national bank charter from the OCC since 2010. Augustus has obtained its charter at a time when dollars and euros continue to make up 90% of global trade and, the company said its mission is to “secure and advance Western currency dominance by upgrading clearing to the AI era.” It is hoping to do so with the help of a clearing system that is built on code capable of interacting with AI agents rather than on the existing legacy system of correspondent banks.