Cryptocurrency Bank Augustus Receives US OCC National Bank Charter, Plans to Revamp Cross-Border Settlement System with AI and Stablecoins

May 11 — Augustus Corporation announced today it has secured a national bank charter from the Office of the Comptroller of the Currency (OCC), making it the eighth institution to receive such a charter since 2010. Previously, the company held a European banking license for cross-border euro transactions, serving clients including major financial firm Kraken—with the firm seeing tenfold annual growth. Augustus has raised $40 million in funding from investors including Peter Thiel’s Valar Ventures, Creandum, and founders of Ramp, Deel, Circle, and other prominent digital financial firms. Unlike “light” licenses (e.g., traditional trust charters), Augustus’ formal banking charter allows it to accept customer deposits and access a master account at the Federal Reserve. Augustus CEO Dabitz—a 25-year-old Thiel Fellowship recipient—said the legacy clearing system, which relies on correspondent banks, is slow and error-prone. The firm plans to build a new code-based settlement system that can interact with AI agents, upgrading it via stablecoins and AI to “reinforce Western currency hegemony.” Augustus’ leadership team includes Greg Quarles—former OCC official and ex-Green Dot Bank CEO—as president, plus Joe Schenone, former JPMorgan Chase executive, as CFO, alongside other seasoned professionals. The firm currently operates out of New York and Dallas, with plans to expand its U.S. footprint further post-charter. Dabitz noted recent political momentum in the U.S. to modernize the clearing system, which has pushed regulators like the OCC to issue charters to speed up that process.