Agora applies for US federal trust bank charter to directly issue stablecoins

Cryptocurrency startup Agora applied for a federal trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC) last week, CoinDesk reported. If approved, the charter would allow the company to issue stablecoins directly under federal supervision. Agora CEO Nick Van Eck said the move could eliminate excessive fees in the fiat-to-crypto conversion process. The company also plans to expand its business beyond issuance to include custody, compliance, and infrastructure services.