Agora, Catena Win Preliminary Approval for Crypto Trust Bank Plans

Proposed national trust banks from Agora and Catena received preliminary conditional approval from the Office of the Comptroller of the Currency on Sept. 18, outlining different combinations of crypto custody and investment services. The decisions advance the applications, but neither proposed bank is authorized to open.

Agora’s proposed bank would serve institutional clients with digital asset custody and stablecoin issuance, as well as reserve maintenance and transaction services. It would also provide fiduciary investment advice. Clients would decide whether to act on that guidance, keeping investment choices in their own hands.

Catena’s plan includes custody and trust services, along with investment management in a fiduciary capacity. The proposed bank would also clear and execute transactions involving fiat currency, securities and digital assets. Its filing therefore describes a management role, while Agora’s proposal describes advice to clients.

National trust banks may conduct fiduciary business and related nonfiduciary work, including custody. Each institution’s approved business plan would define the scope of services it can provide. The two proposals describe different investment roles, though both remain at the same preliminary stage with the OCC.

The decisions set a minimum of $10 million in Tier 1 capital for each bank. Each must also maintain liquid assets sufficient to cover 180 days of operating expenses during its first three years. The OCC must give final approval before either institution can begin operations.

Existing crypto firms with national trust bank charters have different roles in stablecoin services. Anchorage Digital Bank has operated under its charter since 2021 and issues payment stablecoins. BitGo Bank & Trust’s conversion to a national trust bank took effect Dec. 12, 2025. It provides infrastructure supporting SoFi Bank’s issuance of SoFiUSD; SoFi Bank is the issuer.

Agora and Catena cannot begin operating based on the Sept. 18 decisions alone. Each must receive final OCC authorization and satisfy the conditions attached to its preliminary approval.