Agora has received preliminary conditional approval from the OCC to establish Agora National Trust Bank. This brings it closer to launching infrastructure for the issuance, custody, and transactions of digital assets under federal oversight. However, the OCC has not yet allowed the bank to commence operations – the regulator has the right to modify, suspend, or revoke approval before the launch. The bank will issue and redeem dollar-backed stablecoins, provide custodial and transactional services to institutional clients, and fiduciary investment advice to individual clients.
Agora must raise at least $10 million in Tier 1 capital within 12 months and open the bank within 18 months. The bank will be wholly owned by Agora Atlas Corp. and will be able to operate as a trust institution after meeting regulatory requirements, including management, directors, audit, and operational readiness. The issuance and redemption of stablecoins must comply with the GENIUS Act, and the OCC has the right to require changes, halt, or sell certain activities.
“Businesses should not assemble a collection of providers who do not communicate with each other,” the company noted. Agora intends to integrate stablecoins, banking services, wallets, and software into one regulated enterprise. Agora Atlas was registered in Delaware in October 2023. AUSD reserves are managed by VanEck, with State Street as the custodian. The CEO and co-founder of Agora is Nick van Eck.
The application was submitted on April 20. In August, the OCC listed 13 applications from digital asset companies, including Agora, Payward, Dakota National Trust Bank, and zerohash. Previously, conditional approval was received by Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, with Circle receiving final approval in July. On September 18, the OCC also granted preliminary approval to Catena Trust Bank and approved the conversion of Bastion Platforms Trust Company.
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