Augustus Wins Conditional OCC Approval for AI and Stablecoin Bank

Augustus, formerly known as Ivy, is building a branchless clearing bank for financial institutions that need faster access to dollars and euros. Founded in 2022, the company already holds European payments licenses and processes euro transactions for clients including Kraken. Its proposed bank would use an AI- and stablecoin-oriented core platform called Marble to challenge correspondent-banking systems that rely on business hours, batch processing and multiple intermediaries, offering programmable settlement around the clock.

On May 8, 2026, the Office of the Comptroller of the Currency granted preliminary conditional approval for Augustus Bank, N.A.; Augustus announced the decision on May 11. It was not an FDIC approval: the bank must still secure deposit insurance, complete pre-opening reviews and obtain final OCC clearance. The approval requires at least $52.5 million in initial paid-in capital and expires if the bank does not open within 18 months. On July 21, Augustus raised $180 million in a Tiger Global-led Series B at a $1 billion valuation.

Founded in 2022, Augustus is building a federally chartered U.S. clearing bank it calls the “Global Dollar Bank.” Its Marble core banking system is designed to connect traditional rails including SWIFT, ACH and SEPA with stablecoin networks. Rather than issue a stablecoin, Augustus aims to replace layers of correspondent banks with always-on, programmable dollar clearing for financial institutions.

Augustus said on July 21, 2026, that it raised $180 million in a Series B led by Tiger Global, valuing the company at $1 billion. Hummingbird, QED and the founders of Nubank, Ramp, Circle and Deel also participated. The financing followed conditional approval from the Office of the Comptroller of the Currency on May 11 to establish Augustus Bank, N.A., and will support expansion across Latin America, Southeast Asia, the Middle East and Africa.