Augustus, a crypto bank, has obtained a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC), marking it as the eighth institution to receive such a charter since 2010. This approval allows Augustus to accept customer deposits and access the Federal Reserve's master account, distinguishing it from institutions with only trust or "lite" licenses. The company, which previously held a European banking license, plans to leverage its new status to build an AI-powered cross-border settlement system.The initiative aims to replace the current legacy clearing system, which Augustus CEO Dabitz describes as slow and error-prone, with a more efficient system utilizing stablecoins and AI technology. Augustus has raised $40 million from investors including Valar Ventures and founders of digital finance companies like Ramp and Circle. The team includes industry veterans such as Greg Quarles, former CEO of Green Dot Bank, and Joe Schenone, former JPMorgan Chase executive. Augustus plans to expand its U.S. operations, with offices already in New York and Dallas.