Augustus Raises $180 Million to Build Stablecoin-Ready Global Dollar Bank
Cross-border dollar payments still rely on layers of correspondent banks, a structure constrained by business hours, slow settlement and intermediary costs. Augustus, formerly known as Ivy, is building a federally chartered “Global Dollar Bank” that combines SWIFT, ACH and SEPA with stablecoin rails through an API-first platform. The model is intended to give international fintechs and banks more direct access to dollar accounts and always-on settlement infrastructure.
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 and taking total funding to $210 million. Hummingbird and QED also participated, alongside founders of Nubank, Ramp, Circle and Deel. The startup received conditional approval for a U.S. national bank charter from the Office of the Comptroller of the Currency in May and plans to expand across Latin America, Southeast Asia, the Middle East and Africa.
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The history behind this eventAugustus 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.
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