Augustus has received conditional approval in the United States to establish a stablecoin-focused bank, Cointelegraph reported on May 15 local time.
The Office of the Comptroller of the Currency (OCC) has conditionally approved Augustus Bank N.A.
Augustus is pushing to establish a bank in Dallas, Texas, dealing with fully reserved stablecoins, AI-based compliance and automation-focused back-office operations.
But the bank must meet pre-opening conditions and receive final approval before it can actually launch. Ferdinand Davits (페르디난트 다비츠), Augustus chief executive officer, said it could launch in a few months.
Davits said existing clearing banks cannot fundamentally change their structure to fit AI and programmable money. He said big banks may be able to improve existing infrastructure, but it is difficult for them to rebuild banking structures around AI and tokenised funds.
Augustus plans to focus on targeting the foreign exchange clearing market dominated by global banks such as Citi.
Chi-gyu Hwang
delight@d-today.co.kr