Augustus, a startup aiming to create a federally chartered bank focused on stablecoins, has successfully secured $180 million in Series B funding, achieving a valuation of $1 billion. The funding round was led by Tiger Global and included participation from notable investors such as the founders of Nubank, Ramp, Circle, and Deel, as well as prominent figures like Balaji Srinivasan.
Instead of introducing a new stablecoin, Augustus is set on developing a "Global Dollar Bank" that will allow seamless transactions between traditional banking systems and blockchain technology. This initiative highlights the growing role of dollar-pegged stablecoins in the financial landscape, particularly in light of regulatory developments like Augustus' conditional national bank charter from the Office of the Comptroller of the Currency.
The startup's platform will support correspondent banking, enabling the international transfer of funds through various traditional methods, including Swift and ACH, alongside stablecoins. Augustus' proprietary core banking system, Marble, aims to enhance transaction speed and offer 24/7 service by integrating artificial intelligence.
