Circle · Federal Reserve (FED) · New York · CryptoSlate
Why newly granted federal approval won’t save these 3 crypto banks
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
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The Office of the Comptroller of the Currency advanced three stablecoin-focused firms toward federal trust-bank status on Sept. 18, using a recognizable regulatory perimeter across the decisions for Agora, Catena and Bastion.
Key facts
- Bastion must maintain at least $6 million in tier 1 capital, with the greater of 50% or $3 million liquid
- In August, Comptroller Jonathan Gould said 23 of 40 new-charter applications received over roughly 18 months involved digital assets
- Their approvals expire if they fail to raise capital within 12 months or open within 18 months
- The agency’s 2026 trust-bank rule, effective April 1, further clarified that national trust banks may conduct permissible non-fiduciary activities alongside fiduciary services
Summary
01 Agora and Catena still need final approval; Bastion must complete its federal conversion. 02 Capital and wind-down liquidity conditions follow a shared framework, with firm-specific minimums. 03 The three firms pursue different markets, leaving distribution and execution central to competition. The decisions strengthen the case that the OCC is building a repeatable pathway for narrow, uninsured trust banks.