According to CoinMeta, Wu said that Stablecoin Infrastructure Company Agora has indicated that it has received preliminary conditional approval from the US Federal Reserve (OCC) to establish a federally chartered national trust bank. Once fully approved, its stablecoins, custody, and trading infrastructure will be under the direct supervision of OCC. Agora stated that it has already set up a system for stablecoin and fiat currency deposits and withdrawals, as well as a ledger and related licensing framework, and plans to integrate wallets, software workflows, and operational tools under the same regulated entity for businesses.