OCC Grants Conditional Approval to Three Stablecoin-Focused Institutions

On September 18, the Office of the Comptroller of the Currency (OCC) granted conditional federal trust bank approvals to Agora, Catena, and Bastion. The approvals establish a standardized, replicable regulatory path for narrow-purpose, non-deposit-insured trust banks focused on stablecoin operations. While Agora and Catena are forming new institutions, Bastion is transitioning from a state-level trust license. All three entities face strict capital requirements, must maintain liquidity to cover 180 days of operating expenses, and are prohibited from claiming FDIC insurance.