Augustus Wins Conditional OCC Approval for AI and Stablecoin Bank

Augustus, formerly the cross-border payments company Ivy, is backed by Peter Thiel's Valar Ventures and already operates a banking business in Europe. It argues that traditional correspondent banking is effectively shut for about 115 days a year and takes two days to settle transactions. Augustus aims to use AI and stablecoins to build round-the-clock clearing infrastructure that directly serves machine agents.

The U.S. Office of the Comptroller of the Currency conditionally approved the establishment of Augustus National Bank, N.A. on May 8, 2026, and the company announced the decision on May 11. The bank plans to offer instant, programmable clearing in major Western currencies. Its initial capital has not been disclosed, and it cannot open until it meets the OCC's capital, governance and risk-management requirements.