Augustus Bank CEO Ferdinand Dabitz states that banks operating on legacy systems cannot rebuild their infrastructure for artificial intelligence and programmable money (stablecoins). His startup is on the verge of launching a national bank in the US based on these exact technologies. This is reported by Cointelegraph.com reports .
The US Office of the Comptroller of the Currency (OCC) has granted conditional approval to Augustus Bank N.A. under the GENIUS Act. This act creates a federal regulatory framework for payment stablecoins, allowing banks to issue dollar-pegged tokens and integrate them under federal oversight. The bank, based in Dallas, will specialize in fully reserved stablecoins and AI-automated processes.
Dabitz aims to disrupt the correspondent banking system dominated by global banks like Citi, which he considers "broken." He believes it is impossible to redesign systems created decades ago that do not operate on weekends for machines rather than humans.
Augustus plans to use a three-layer stablecoin system in its model. This system will serve as a funding corridor for payments, a liquidity management tool, and a direct monetary interface for AI agents. This approach allows corporations to optimize liquidity in real-time.
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