OCC grants preliminary approval to three stablecoin-focused trust banks: Agora, Catena and Bastion
- —Agora and Catena must hold at least $10M in tier 1 capital; Bastion must hold $6M
- —Agora and Catena approvals expire if they fail to raise capital in 12 months or open in 18
- —Bastion's approval terminates if the conversion is not completed within six months
- —All three must hold liquid assets covering 180 days of operating expenses in a distressed wind-down
Why it matters: The OCC is building a repeatable pathway for narrow, uninsured trust banks, but final approval, capital and distribution remain the real tests.
Source: CryptoSlate