Agora, the issuer of the AUSD stablecoin, has received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank. The charter would bring Agora's stablecoin, custody, and transaction services under direct federal supervision.

The approval is not yet permission to operate. Before opening, Agora National Trust Bank must hold at least $10 million in Tier 1 capital and pass an OCC examination. The capital has to be raised within 12 months, and the bank must open within 18 months or the approval lapses.

The OCC granted three national trust bank approvals on the same day, including Catena Trust Bank and the conversion of Bastion Platforms Trust Company into a national bank. The decisions add to a growing group of crypto-focused firms seeking federal charters rather than relying on state licenses.

For Agora, a federal charter would place reserve management and custody under one national regulator, which may appeal to institutional clients. The next milestones are the capital raise, the pre-opening examination, and whether final approval arrives within the OCC's timetable.