Augustus Bank Wins Conditional OCC Approval for US Stablecoin Banking Business

Augustus, formerly the cross-border payments company Ivy, plans to establish Augustus Bank, N.A. in Dallas to provide institutional clearing through stablecoins and an AI-native core system. Traditional correspondent banks are closed for about 115 days each year, and settlement can take up to two days. Instant, programmable dollar payments have therefore become an important test case under the GENIUS Act's regulatory framework.

The US Office of the Comptroller of the Currency granted preliminary conditional approval on May 8, 2026. Augustus has raised $40 million, and 25-year-old co-founder Ferdinand Dabitz will serve as chief executive. The bank must still obtain FDIC deposit insurance, apply for Federal Reserve Bank stock and meet its pre-opening conditions. It can formally begin operations and join the dollar clearing system only after receiving final approval.