Agora's Stablecoin Bank Just Cleared Its Biggest Regulatory Gate
Summary :
Agora received preliminary conditional OCC approval to establish Agora National Trust Bank for stablecoin issuance and custody.
Final authorization requires at least $10 million in Tier 1 capital, an OCC examination and preopening compliance.
The bank must raise capital within 12 months and open within 18 months or the approval expires.
Stablecoin operations must comply with the GENIUS Act and implementing regulations.
The Sept. 18 decision came alongside approvals for Catena Trust Bank and Bastion Platforms Trust Company.
https://bitnxt.io/crypto-news/agora-national-trust-bank-occ-approval
#Bitnxt
Summary :
Agora received preliminary conditional OCC approval to establish Agora National Trust Bank for stablecoin issuance and custody.
Final authorization requires at least $10 million in Tier 1 capital, an OCC examination and preopening compliance.
The bank must raise capital within 12 months and open within 18 months or the approval expires.
Stablecoin operations must comply with the GENIUS Act and implementing regulations.
The Sept. 18 decision came alongside approvals for Catena Trust Bank and Bastion Platforms Trust Company.
https://bitnxt.io/crypto-news/agora-national-trust-bank-occ-approval
#Bitnxt
