Stablecoin issuer Agora has received approval from the Office of the Comptroller of the Currency, or OCC, to move ahead with plans for a U.S. trust bank, according to The Defiant. The proposed entity is intended to take over issuance and reserve management for AUSD. The report says the new trust bank will assume functions currently handled by Agora’s Bermuda entity, shifting those responsibilities into the planned U.S. structure. The bank is not yet ready to begin operations. Before it can formally open, it still has to meet regulatory requirements tied to capital, liquidity, and compliance. The development centers on a structural change in how AUSD issuance and reserves would be managed, with the trust bank positioned as the vehicle for that transition once the remaining conditions are satisfied.
Stablecoin issuer Agora has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a U.S. trust bank, according to The Defiant. The planned bank would take over issuance and reserve management for AUSD.
The trust bank would assume the issuance and reserve functions now handled by Agora’s Bermuda entity. Before it can formally open, however, it still needs to satisfy regulatory requirements related to capital, liquidity, and compliance.
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