OCC Approvals Weaken Ripple's Stablecoin Edge

The US Office of the Comptroller of the Currency (OCC) has approved three new crypto-focused national trust banks, potentially eroding Ripple's exclusive edge in the stablecoin space.

Bastion Platforms Trust Company received permission to convert its existing New York trust company into a federally regulated bank, while Catena and Agora were granted preliminary conditional approval for their respective institutions.

Agora plans to move AUSD issuance into its proposed bank, making it more directly involved in stablecoin issuance than Ripple National Trust Bank. Bastion, on the other hand, intends to provide white-label stablecoin services through its new charter.