The U.S. Office of the Comptroller of the Currency (OCC) has granted Catena preliminary conditional approval to establish a national trust bank that would custody and manage fiat currency, securities and digital assets, according to a notice from the OCC reported by The Defiant.

The decision positions the firm to operate inside the federally supervised banking perimeter, but Catena cannot take custody of customer funds, hold assets or commence operations until it satisfies capital, liquidity and preopening conditions and obtains final OCC authorization.

What does a national trust bank charter permit?

A national trust bank holds a more limited mandate than a full-service commercial bank. Under federal banking law, trust banks may act as custodians, administer fiduciary accounts and provide related recordkeeping services, but generally cannot accept retail deposits or make commercial loans without separate authorization.

For a digital-asset applicant, that structure offers a regulated channel for custody and fiduciary operations without the full balance-sheet exposure of a commercial charter. According to The Defiant's reporting of the OCC notice, Catena's permitted activities would specifically extend to fiat, securities and digital assets.

What does "preliminary conditional approval" actually mean?

The OCC's preliminary conditional approval is a non-binding step in the charter process. It signals the regulator's willingness to proceed with a full application review and indicates that the proposal has cleared the agency's initial substantive review.

The bank cannot open, accept customer assets or market itself as a chartered institution until it satisfies the conditions and receives final charter approval. Common preopening conditions for digital-asset-focused trust banks include:

• Capital adequacy: meeting minimum capital requirements, with potential add-ons reflecting the risk profile of digital assets held in custody
• Liquidity: maintaining sufficient liquid resources to meet operational and customer obligations
• Governance and personnel: vetting of proposed directors, officers and control functions
• Operational readiness: information security, third-party risk management and recordkeeping appropriate to digital-asset operations
• BSA/AML: Bank Secrecy Act and anti-money-laundering controls calibrated for digital-asset flows

The OCC has not disclosed a deadline for Catena to satisfy these conditions or a projected date for final authorization.

How does this fit the OCC's broader digital-asset posture?

The OCC has been the most active federal banking regulator on integrating digital assets into the supervised banking system. Beginning with interpretive letters in 2020 and 2021, the agency clarified that federally chartered banks may provide digital-asset custody services and hold reserves backing certain stablecoins. The agency has issued conditional approvals to a growing roster of digital-asset-focused trust companies, signaling sustained willingness to extend the bank charter to non-traditional custody models.

A Catena charter would extend that perimeter to a firm operating at the intersection of traditional custody and digital-asset infrastructure, should it complete the preopening process.

What comes next?

Catena now enters the preopening phase under OCC supervision. The bank must satisfy the agency's conditions, undergo examination and receive final authorization before it can lawfully commence operations. Industry observers will track capital formation, custody partnerships and management appointments as the firm advances toward launch. Until final approval, Catena cannot hold customer assets or operate as a chartered national trust bank.