Agora Seeks National Trust Bank Charter Amid Concerns Over Stablecoins

Agora has applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC) last week. According to NS3.AI, this move comes as major U.S. banks are requesting extended public comment periods before the full implementation of the Genius Act. Agora CEO Nick van Eck highlighted that banks are concerned about the potential for reward-bearing stablecoins to divert deposits away from traditional banking institutions. Van Eck stated that Agora aims to secure approval by the end of the year, which would allow the company to issue stablecoins directly under federal regulation.