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nick van eck - Agora CEO Nick on the Stablecoin Bank License Race and Strategic Vision

Agora CEO Nick discussed the company’s application for a federal trust bank license with the OCC amid increased regulatory scrutiny of stablecoins. Agora’s AUSD is backed by cash, U.S. Treasury bills, and reverse repurchase agreements. The company aims to support infrastructure rather than compete in the neobank sector. Nick noted that the process is highly competitive and uncertain. CFT compliance remains a key focus for projects in this regulatory environment.

Nick van Eck (Co-founder and CEO of Agora) explains what changes when a stablecoin issuer applies for a federal trust bank charter, what this means for AUSD, and why the founder’s oft-repeated phrase—“Submitting an application doesn’t guarantee you’ll receive a charter”—is the most critical reality check right now.

Background: Agorahas submitted an application for a national trust bank charter to the U.S. Office of the Comptroller of the Currency (OCC), joining the largest wave of crypto bank applications since April 1. The reserve assets of AUSD consist of cash, U.S. Treasury securities (T-bills), and repurchase agreements, managed by VanEck and State Street. Last summer, Agora completed a $50 million Series A funding round led by Paradigm, concluding its previous DeFi incentive phase and shifting its strategy toward enterprise payments, B2B settlement, payroll services, and white-label issuance for fintech companies and platforms. This trust charter application is a continuation of that strategic evolution, not a pivot to a new賽道.

nick van eck - Agora CEO Nick on the Stablecoin Bank License Race and Strategic Vision

Nick further broke down the operational realities of the application process: including a comprehensive business plan, a pro forma financial model, a four-person compliance team, and a newly hired head of marketing just two weeks ago. He explained why Agora aims to be the bare metal infrastructure underlying more than 50 stablecoin neobanks, rather than competing with them at the application layer.

nick van eck - Agora CEO Nick on the Stablecoin Bank License Race and Strategic Vision

He also discussed the capabilities that would be unlocked for AUSD once stablecoin issuance is migrated to an "on-shore" system through channels such as Fireblocks, Coinbase, Kraken, Circle Mint, and Cryptio. He interpreted the GENIUS Actas a clear regulatory signal to “come home.”

In addition, the content covers Agora’s collaboration with Erebor on 7x24 settlement, reserve management partnerships with VanEck and State Street, and Agora’s positioning in the competitive landscape among the world’s top five stablecoin issuers.

Takeaways:

  1. Applying for a federal trust bank charter is essentially upgrading from "issuing stablecoins" to "building financial infrastructure".
    Not just simple compliance, but integrating issuance, custody, and fund on/off ramps into a single regulatory framework to gain the core capability of issuing and serving customers in the United States.
  2. Submitting an application does not guarantee obtaining a license is the greatest practical constraint at this stage.
    Licensing competition is not a technical issue, but a complex interplay of capital, team capability, and regulatory communication skills—it’s a long-cycle, high-uncertainty game typically dominated by a few players.
  3. The GENIUS Act is effectively the United States' policy reconciliation of stablecoins.
    The core signal is to encourage issuers to relocate back to the U.S. from offshore jurisdictions (such as Bermuda), with onshore issuance becoming the mainstream path in the next phase.
  4. The stablecoin issuer is the profit source of the entire value chain.
    Owning the issuance rights means controlling revenue distribution, mint/redeem costs, and pricing power—the only position with inherent "systemic profit potential."
  5. Agora's core strategy: be "bare metal," not an application-layer neobank.
    They chose to become the infrastructure behind the 50+ stablecoin neobanks, avoiding the front-end customer acquisition race and sidestepping CAC competition from the start.
  6. The current stablecoin neobank model has structural flaws.
    Most players rely on the same on/off ramps and stablecoins (USDC/USDT), lack product control, and ultimately can only compete on price and customer acquisition, making it difficult to build a moat.
  7. Controlling key nodes rather than building the entire stack in-house is the optimal infrastructure approach.
    Agora builds long-term moats only around "issuance and licensing"; all other functions such as custody and key management are entrusted to established third parties to improve efficiency while maintaining core control.
  8. They deliberately avoid becoming traditional banks (no deposits, no loans).
    The focus is on "stablecoin issuance + digital asset custody," not participating in fractional reserve lending—this is a completely different path for financial institutions.
  9. The biggest pain point for enterprises integrating stablecoins is "system fragmentation."
    Currently, integrating multiple systems such as Fireblocks, Coinbase/Kraken, and audit tools simultaneously presents extremely high complexity—this is precisely the opportunity for a "one-stop platform."
  10. The upgrade of AUSD is not an asset upgrade, but a platformization upgrade.
    In the future, users will not just use AUSD, but will directly use the full suite of systems provided by Agora—faster, cheaper, higher-yielding, and more compliant.
  11. Onshore issuance is a key turning point
    Upon obtaining a U.S. trust bank license, we can directly serve U.S. customers, significantly lowering the barrier to institutional adoption and enhancing trust and compliance.
  12. Banks and stablecoins will coexist long-term, forming a "dual-track system".
    Banks handle fiat rails (RTP, Fedwire), while stablecoins handle on-chain rails (24/7, global); they are complementary, not substitutive.
  13. The ability to move funds 24/7 is a core advantage of stablecoins.
    Stablecoins offer a structural advantage over traditional banking systems' non-real-time settlement, serving as the fundamental driver of adoption.
  14. Regulatory complexity itself forms a strong moat.
    High capital requirements, stringent team qualifications, and lengthy approval processes will lead to increasing centralization at the issuance layer, resulting in a “small number of leading players.”
  15. The key policy variable: whether to allow stablecoins to distribute yield
    If permitted, it would greatly enhance the appeal of stablecoins and strengthen the dollar's position; if restricted, it would directly impact the competitiveness of the entire business model.

Host:
Great to meet you.

Nick van Eck:
It's also a pleasure to meet you.

Moderator:
I was looking at it yesterday—were you at the New York Stock Exchange today or yesterday? You walked around there; how was it?

Nick van Eck:
Great. The New York Stock Exchange is really beautiful. I used to do interviews there between 8:30 and 10:00 a.m., which was extremely busy. Yesterday’s interview was during a quieter time—it was the quietest I’ve ever seen the exchange. Overall, it’s a fantastic and beautiful location, so the experience there was excellent.

Host:
Was there anything you didn’t get a chance to cover yesterday but would like to add to this episode?

Nick van Eck:
I think yesterday we spent a lot of time discussing how banks are trying to slow down the GENIUS bill. I would have preferred we spent more time talking about the opportunities banks have in stablecoins and what we’re doing, since we’re actively preparing to seize this opportunity. Yesterday’s focus was more on why banks are slowing down—which is understandable, since any new technology that threatens their business will naturally be met with resistance. But there’s actually a lot more to discuss about the opportunities here, and banks and participants like us should be more proactive in engaging with them.

Host:
Let’s start with the announcement you made last week. You submitted some applications—what exactly were you applying for, and how does this fit into Agora’s overall strategy and the current regulatory environment?

Nick van Eck:
The background is that the GENIUS Act was passed last year, granting the U.S. Office of the Comptroller of the Currency (OCC) federal regulatory authority over U.S. stablecoin issuance. We have been working to build products that support this future vision. This past quarter, we did extensive preparatory work with the goal of applying for a national trust bank charter. Last Friday, we announced that we have submitted our application for Agora National Trust Bank.

Obtaining this license would provide us with unified federal regulation (subject to approval) while also expanding our product capabilities. We have been operating in the stablecoin issuance business for nearly two years. The role of issuer itself offers significant profit potential and can drive value across other parts of the value chain. Our mission has always been to bring enterprises on-chain.

When considering whether to enter the stablecoin space, businesses typically evaluate three factors:
First, how to access and manage these assets—whether through a wallet or custodial service;
Second, how to convert between the existing financial system and the on-chain world;
Third, compliance, tax, auditing, and other issues—currently, stablecoins are not regarded as "cash" in many cases, which poses a challenge for corporate audits before GENIUS takes effect.

We are currently addressing the question of “which asset to use,” and we believe AUSD is the right choice, as it distributes yields while supporting free fiat minting and redemption. In the future, we will provide a complete set of out-of-the-box capabilities to help businesses transfer funds faster, earn more yield, and build global operations.

Host:
Was this vision always there from the beginning, or did it gradually form recently?

Nick van Eck:
From the beginning, we had the vision of “owning the entire technology stack,” and our product direction has always been clear, though the pace has varied. For example, white-label stablecoins were already on the roadmap, but last year we accelerated their development due to market momentum. However, from a business perspective, it’s just one feature, not the platform itself.

The core issuance capability is the platform. We have always been thinking about what else can be built on top of this platform.

To be honest, at the beginning of my entrepreneurial journey, I never imagined I would apply to become the CEO of a federal bank. The environment back then was completely different. GENIUS progressed much faster than I expected, which was great because it released demand ahead of schedule. So last summer, we decided to prepare for it and began building internally.

Clear regulation is extremely important to us. In the past, companies had to piece together licenses from all 50 states (MTL), plus additional regulators like NYDFS—it was incredibly complex. GENIUS will significantly accelerate stablecoin adoption. The market size is already $300 billion, yet the U.S. still lacks a comprehensive regulatory framework, which is truly remarkable.

The next year will primarily be a preparation phase, with the real surge likely occurring in 2027 or 2028.

Host:
You mentioned “becoming bare metal infrastructure”—where did this idea come from?

Nick van Eck:
Over the past one to two months, stablecoin "neobanks" have exploded, with both B2C and B2B players largely using similar tech stacks: wallets, on/off ramps, cards, and aggressively competing to reduce customer acquisition costs.

Our view is that you must become the underlying infrastructure to capture the profit margin. Currently, these neobanks rely on services like Bridge, paying 3–5 basis points for on/off ramps, and have no control over their core product.

So we decided to start with the stablecoin itself. As the issuer, we are both the asset provider and a natural on/off ramp. The strategy for AUSD is to be free, so there won’t be absurd situations like paying to transfer from Venmo to Bank of America.

We aim to reduce intermediaries and connect directly with customers. Focus on building the "metal layer" at key strategic points, while leveraging third parties for non-core capabilities—such as custody and key management, which are already mature fields. However, licenses must be obtained independently to maintain control over the experience.

Host:
What are the differences between different licenses (e.g., national trust vs. BitLicense)? Why did you choose this path?

Nick van Eck:
Most people understand banks as deposit-taking and lending institutions (fractional reserve), but we operate differently—we’re more like issuers providing global liquidity and fiat on-ramps.

We do not accept deposits or make loans. For example, Mercury recently obtained a deposit bank license and will now accept deposits and make loans themselves. We only want to do two things: issue stablecoins and custody digital assets.

Other features, such as a USD account, can be provided through partner banks. The issuer itself requires global banking infrastructure, which no one can build from scratch.

Host:
If everything goes smoothly, what changes will AUSD undergo?

Nick van Eck:
The biggest change is the ability to serve U.S. customers directly. Currently, we operate under a Bermuda license. GENIUS is actually encouraging us to “return to the U.S.”

From day one, we can provide U.S. users with direct minting/redemption.

More importantly, at the product level:
Future enterprises won’t just use AUSD—they’ll adopt Agora’s entire system: faster, cheaper, higher-yielding, and more secure within the trust bank framework.

Now, if a U.S. business wants to use a stablecoin, it needs:
Fireblocks + Coinbase/Kraken/Circle Mint+ Cryptio + other tools create an extremely complex process.

What we’re doing is integrating all of this into one system, and it will be the killer app.

Host:
How did your partnership with Erebor come about?

Nick van Eck:
We met them about a year ago. The issuer has substantial deposits, which is very attractive to banks. Meanwhile, both parties are pushing the frontiers of fund movement—they work on traditional payment rails (RTP, Fedwire), while we focus on on-chain rails (Ethereum, Solana, etc.).

Stablecoins need to operate 24/7, while banking systems do not. Erebor is driving this, so the two are highly complementary.

Host:
Is it difficult to apply for a federal license?

Nick van Eck:
Very difficult. Compared to the 50 states MTL, this is a unified framework, but with an extremely high barrier to entry:

  • Management and the board must have experience.

  • Requires substantial capital

  • Must have a complete business plan and financial projections

  • Maintain ongoing communication with regulators.

We have a four-person compliance team and a full finance team, and we spent almost nothing on growth until we hired our first marketing professional two weeks ago.

This is completely different from how a software company operates.

And to be clear: submitting an application does not guarantee approval. We are still actively progressing.

Host:
From a regulatory perspective, what kind of era are we in now?

Nick van Eck:
This is one of the most significant periods in U.S. banking regulatory history, and it will transform financial markets, capital markets, and payment systems—not just in the U.S., but globally.

Moderator:
What do you think is the biggest risk?

Nick van Eck:
Over the past few months, there has been a lot of discussion about "yield distribution." We believe issuers should be as free as possible to distribute yields, as this is appealing to global users and enhances the appeal of the dollar. We hope this point can be handled well.

Moderator:
Is there anything else to add?

Guest:
It's still in the early stages, but the direction is correct, and growth will accelerate soon.

Nick van Eck:
We will have more collaborations and discussions.

Host:
Thank you for participating.

Nick van Eck:
Thank you for the invitation.

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