Augustus has received conditional approval from the Office of the Comptroller of the Currency to form a national bank.
Augustus Bank is expected to become a clearing bank built on a stablecoin and AI-native core. The core banking system is built around AI and programmable money.
Co-Founder Ferdinand Dabitz will serve as the bank’s CEO. Greg Quarles, former CEO of Green Dot Bank, will serve as president.
“Legacy banks are made of paper, Augustus is made of code,” Dabitz said in the release. “It’s obvious we need to upgrade clearing to the AI era. But only this unique regulatory moment at the intersection of US financial regulatory innovation, the Genius Act, and AI enables us to finally do so.”