• OCC conditionally approves national trust charters for Agora, Catena and Bastion
• Agora and Bastion focus heavily on stablecoin infrastructure, while Catena is developing financial services for AI agents
• Agora and Catena must maintain at least $10 million in tier 1 capital, with Bastion required to hold $6 million
• All three face additional liquidity requirements during their first three years
• Approvals follow a surge in applications for federal banking charters 

The Office of the Comptroller of the Currency has conditionally approved three national trust bank charters, extending a recent wave of federal approvals for companies developing stablecoin, digital asset and artificial intelligence infrastructure.

Agora National Trust Bank and Catena Trust Bank received conditional approval as de novo institutions, while Bastion Platforms Trust Co. secured approval to convert its existing state charter to a national trust bank charter.

The three companies applied to the OCC in April, May and March respectively. They join nearly a dozen firms that have received conditional national trust bank charters since late last year.

National trust bank charters allow institutions to manage assets and perform fiduciary activities but do not permit them to accept demand deposits or make conventional loans.

Final approval for all three companies remains dependent on satisfying conditions imposed by the OCC.

The businesses illustrate the expanding range of technology companies seeking federal banking oversight.

Bastion provides stablecoin infrastructure to other companies, including white-label stablecoins, reserve custody and customer wallet services. Agora issues AUSD, a stablecoin launched in August 2024.

Catena Labs is pursuing a different model, developing financial infrastructure specifically for AI agents.

Founder Sean Neville has previously described the concept as an "AI-native bank" and argued that stablecoins could play an important role in the development of agentic finance.

Bastion founder Nassim Eddequiouaq said the conditional approval validated the company's decision to build its stablecoin infrastructure around standards expected by major financial institutions.

"But for the world's largest enterprises and financial institutions to adopt them, that infrastructure would need to meet the regulatory standards they already expect from their banks," Eddequiouaq wrote.

"Stablecoins are moving into the financial mainstream, but institutional adoption depends on infrastructure that can meet an institutional standard," he added.

The OCC has attached capital and liquidity requirements to the conditional approvals.

Bastion must maintain at least $6 million in tier 1 capital. For its first three years of operation, at least $3 million or 50% of tier 1 capital - whichever is greater - must be held in eligible liquid assets.

Agora and Catena must each maintain a minimum of $10 million in tier 1 capital. Both must hold at least $5 million or 50% of tier 1 capital - whichever is greater - in eligible liquid assets during their first three years.

All three institutions must also maintain eligible liquid assets sufficient to cover 180 days of operating expenses over the same period.

The approvals come as the OCC deals with a surge in interest from companies seeking access to federal banking charters, with dozens of de novo applications submitted during the past 18 months.

Agora CEO Nick van Eck highlighted the strategic importance of federal authorization when the company submitted its application in April.

"The charter is the regulatory layer that makes all of that possible at scale," he said, adding that operating without a federal charter meant "renting the rails in the world's most important financial market."

Conditional approval is not guaranteed, however. The OCC recently rejected two applications, including British fintech Wise's national trust charter bid in July.

Among its concerns, the regulator said Wise's organizers had failed to demonstrate sufficient familiarity with federal banking laws and regulations.