Agora secured preliminary conditional approval from the U.S. Office of the Comptroller of the Currency on Sept. 18 to establish Agora National Trust Bank, moving the stablecoin issuer closer to operating under direct federal supervision.
The proposed New York-based trust bank will function as a wholly owned subsidiary of Agora Atlas Corp. and conduct limited-purpose trust activities. Final approval is contingent on Agora meeting OCC preopening requirements and the regulator retains authority to modify, suspend or withdraw approval before the bank begins operations.
Agora plans to consolidate stablecoin issuance, custody, transaction services, wallets and advisory services within the single regulated entity. The bank will issue and redeem dollar-backed AUSD, provide digital asset custody and transaction services for institutional customers, and offer fiduciary investment advisory services including yield recommendations for institutional clients holding digital assets with the bank.
Agora currently issues AUSD across multiple blockchain networks including Injective. The company states the stablecoin is fully collateralized against the U.S. dollar. VanEck manages AUSD's reserve assets and State Street serves as custodian.
The OCC charter consolidates services that Agora has previously outsourced. The company has described its business as encompassing stablecoin issuance, fiat on and off-ramps and ledger infrastructure. Agora Atlas Corp. incorporated in Delaware in October 2023, serves as the parent entity for Agora Bermuda Limited, Agora Blue Ltd. and the Agora Reserve Fund.
