Why newly granted federal approval won’t save these 3 crypto banks

According to CryptoSlate, the Office of the Comptroller of the Currency advanced Agora, Catena, and Bastion toward federal trust-bank status. Agora and Catena received preliminary conditional approval for de novo national trust banks, while Bastion received conditional approval to convert an existing New York trust charter.

Reporting by CryptoSlate highlights that none of the firms are ordinary insured commercial banks, and all three are barred from taking FDIC-insured deposits. The regulatory framework imposes specific capital and liquidity floors, requiring Agora and Catena to maintain at least $10 million in tier 1 capital, and Bastion to hold at least $6 million. Each institution must also set aside liquid assets covering 180 days of distressed wind-down expenses.

Despite the shared federal framework, each firm pursues distinct markets. Agora focuses on stablecoin issuance and reserves, Catena targets AI agents and related businesses, and Bastion centers on enterprise infrastructure. CryptoSlate notes that a federal charter acts as an entry requirement rather than a self-sufficient moat, leaving distribution, liquidity, and execution as the primary drivers of competitive advantage.