The OCC conditionally approved national trust charters for Bastion Platforms, Catena, and Agora in September, all planning to expand stablecoin and crypto offerings under federal supervision. Bastion is converting from a New York state trust charter, while Catena and Agora are newly formed entities. Each must maintain $6-10 million in Tier 1 capital and comply with trust company limitations.
These are not traditional banks. They cannot take deposits or make loans, but they are federally supervised entities that can offer custody, stablecoin issuance, and payment services without the structural constraints community banks face.
Sources:
https://occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1391.pdf
https://occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1392.pdf
https://occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1393.pdf