Catena Labs: Building the First AI-Native Financial Institution
Catena Labs is constructing the world's first fully regulated financial institution designed specifically for AI agents, founded by Circle co-founder Sean Neville who co-invented the USDC stablecoin. The Boston-based startup emerged from stealth in May 2025 with $18 million in seed funding led by a16z crypto, positioning itself at the intersection of artificial intelligence, stablecoin infrastructure, and regulated banking. The company has released open-source Agent Commerce Kit (ACK) protocols for AI agent identity and payments while simultaneously pursuing financial institution licensing—a dual strategy that could establish Catena as the foundational infrastructure for the emerging "agent economy" projected to reach $1.7 trillion by 2030.
The vision behind AI-native banking
Sean Neville and Matt Venables, both Circle alumni who helped build USDC into the world's second-largest stablecoin, founded Catena Labs in 2021 after recognizing a fundamental incompatibility between AI agents and legacy financial systems. Their core thesis: AI agents will soon conduct the majority of economic transactions, yet today's financial infrastructure actively resists and blocks automated activity. Traditional payment rails designed for human-speed transactions—with 3-day ACH transfers, 3% credit card fees, and fraud detection systems that flag bots—create insurmountable friction for autonomous agents operating at machine speed.
Catena's solution is building a regulated, compliance-first financial institution from the ground up rather than retrofitting existing systems. This approach addresses three critical gaps: AI agents lack widely adopted identity standards to prove they're acting legitimately on behalf of owners; legacy payment networks operate too slowly and expensively for high-frequency agent transactions; and no regulatory frameworks exist for AI-as-economic-actors. The company positions regulated stablecoins, particularly USDC, as "AI-native money" offering near-instant settlement, minimal fees, and seamless integration with AI workflows.
The market opportunity is substantial. Gartner estimates 30% of global economic activity will involve autonomous agents by 2030, while the agentic commerce market is projected to grow from $136 billion in 2025 to $1.7 trillion by 2030 at a 67% CAGR. ChatGPT already processes 53 million shopping-related queries daily, representing potential GMV of $73-292 billion annually at reasonable conversion rates. Stablecoins processed $15.6 trillion in 2024—matching Visa's annual volume—with the market expected to reach $2 trillion by 2028.
Agent Commerce Kit unlocks the technical foundation
On May 20, 2025, Catena released Agent Commerce Kit (ACK) as open-source infrastructure under MIT license, providing two independent but complementary protocols that solve foundational problems for AI agent commerce.
ACK-ID (Identity Protocol) establishes verifiable agent identity using W3C Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs). The protocol creates cryptographically-proven ownership chains from legal entities to their autonomous agents, enabling agents to authenticate themselves, prove legitimate authorization, and selectively disclose only necessary identity information. This addresses the fundamental challenge that AI agents can't be fingerprinted for traditional KYC processes—they need programmatic, cryptographic identity verification instead. ACK-ID supports service endpoint discovery, reputation scoring frameworks, and integration points for compliance requirements.
ACK-Pay (Payment Protocol) provides agent-native payment processing with standard payment initiation, flexible execution across diverse settlement networks (traditional banking rails and blockchain-based), and verifiable cryptographic receipts issued as Verifiable Credentials. The protocol is transport-agnostic, working regardless of HTTP or underlying settlement layers, and supports multiple payment scenarios including micropayments, subscriptions, refunds, outcome-based pricing, and cross-currency transactions. Critically, it includes integration points for human oversight and risk management—recognizing that high-stakes financial decisions require human judgment even in AI-driven systems.
The ACK protocols demonstrate sophisticated design principles: vendor-neutral open standards for broad compatibility, cryptographic trust without central authority dependency where possible, compliance-ready architecture supporting KYC/KYB and risk management, and strategic human involvement for oversight. Catena has published comprehensive documentation at agentcommercekit.com, released code on GitHub (github.com/catena-labs/ack), and launched ACK-Lab developer preview enabling 5-minute agent registration for testing.
Beyond ACK, Catena's venture studio phase (2022-2024) produced several experimental products demonstrating their technical capabilities: Duffle, a decentralized messaging app using XMTP protocol with end-to-end encryption and cross-wallet communication (including direct Coinbase Wallet interoperability); DecentAI, enabling private AI model access with smart routing across multiple LLMs while preserving user privacy; Friday, a closed alpha platform for creating customized AI agents with safe data connections; and DecentKit, an open-source developer SDK for decentralized encrypted messaging between wallets and identities. These products validated core technologies around decentralized identity, secure messaging, and AI orchestration that now inform Catena's financial institution build-out.
Building a regulated entity in uncharted territory
Catena's business model centers on becoming a fully licensed, regulated financial institution offering AI-specific banking services—a B2B2C hybrid serving businesses deploying AI agents, the agents themselves, and end consumers whose agents transact on their behalf. The company is currently pre-revenue at seed stage, focused on obtaining money transmitter licenses across required jurisdictions and building compliance frameworks specifically designed for autonomous systems.
The strategic hire of Sharda Caro Del Castillo as Chief Legal and Business Officer in July 2025 signals serious regulatory intent. Caro Del Castillo brings 25+ years of fintech legal leadership including Chief Legal Officer at Affirm (guiding IPO), Global Head of Payments/General Counsel/Chief Compliance Officer at Airbnb, and senior roles at Square, PayPal, and Wells Fargo. Her expertise in crafting regulatory frameworks for novel payment products and working with regulators to enable innovation while protecting public interest is precisely what Catena needs to navigate the unprecedented challenge of licensing an AI-native financial institution.
Planned revenue streams include transaction fees on stablecoin-based payments (positioned as lower-cost than traditional 3% credit card fees), licensed financial services tailored for AI agents, API access and integration fees for developers building on ACK protocols, and eventual comprehensive banking products including treasury management, payment processing, and agent-specific accounts. Target customer segments span AI agent developers and platforms building autonomous systems; enterprises deploying agents for supply chain automation, treasury management, and e-commerce; SMEs needing AI-powered financial operations; and developers creating agentic commerce applications.
The go-to-market strategy unfolds in three phases: Phase 1 (current) focuses on developer ecosystem building through open-source ACK release, attracting builders who will create demand for eventual financial services; Phase 2 (in progress) pursues regulatory approval with Caro Del Castillo leading engagement with regulators and policymakers; Phase 3 (future) launches licensed financial services including regulated stablecoin payment rails, AI-native banking products, and integration with existing payment networks as a "bridge to the future." This measured approach prioritizes regulatory compliance over speed-to-market—a notable departure from typical crypto startup playbooks.
Circle pedigree powers elite founding team
The founding team's web3 and fintech credentials are exceptional. Sean Neville (Co-founder & CEO) co-founded Circle in 2013, serving as Co-CEO and President until early 2020. He co-invented USDC stablecoin, which now has tens of billions in market capitalization and processes hundreds of billions in transaction volume. Neville remains on Circle's Board of Directors (Circle filed for IPO in April 2025 at ~$5 billion valuation). His earlier career includes Senior Software Architect at Brightcove and Senior Architect/Principal Scientist at Adobe Systems. After leaving Circle, Neville spent 2020-2021 researching AI, emerging with "pretty strong conviction that we're entering this AI-native version of the web."
Matt Venables (Co-founder & CTO) was Senior Vice President of Product Engineering at Circle (2018-2020) after joining as a Senior Software Engineer in 2014. He was an early team member who helped create USDC and contributed significantly to Circle's technical architecture. Venables also founded Vested, Inc., a pre-IPO equity liquidity platform, and worked as a senior consultant building software for Bitcoin. His expertise spans product engineering, full-stack development, decentralized identity, and blockchain infrastructure. Colleagues describe him as a "10x engineer" with both technical excellence and business savvy.
Brice Stacey (Co-founder & Chief Architect) served as Director of Engineering at Circle (2018-2020) and Software Engineer (2014-2018), working on core infrastructure during USDC's development period. He brings deep expertise in full-stack engineering, blockchain development, and system architecture. Stacey co-founded M2 Labs (2021), the venture studio that incubated Catena's initial products before the pivot to AI-native financial infrastructure.
The 9-person team includes talent from Meta, Google, Jump Crypto, Protocol Labs, PayPal, and Amazon. Joao Zacarias Fiadeiro serves as Chief Product Officer (ex-Google, Netflix, Jump Trading), while recent hires include engineers, designers, and specialists focused on AI, payments, and compliance. The team's small size reflects a deliberate strategy of building elite, high-leverage talent rather than scaling headcount prematurely.
Tier-1 backing from crypto and fintech leaders
Catena's $18 million seed round announced May 20, 2025 attracted top-tier investors across crypto, fintech, and traditional venture capital. a16z crypto led the round, with Chris Dixon (founder and managing partner) stating: "Sean and the Catena team have the expertise to meet that challenge. They're building financial infrastructure that agentic commerce can depend on." a16z's leadership signals strong conviction in both the team and market opportunity, particularly given the firm's focus on AI-crypto convergence.
Strategic investors include Circle Ventures (Neville's former company, enabling deep USDC integration), Coinbase Ventures (providing exchange and wallet ecosystem access), Breyer Capital (Jim Breyer invested in Circle's Series A and maintains long relationship with Neville), CoinFund (crypto-focused venture fund), Pillar VC (early partner and strategic advisor), and Stanford Engineering Venture Fund (academic/institutional backing).
Notable angel investors bring significant value beyond capital: Tom Brady (NFL legend returning to crypto after FTX) adds mainstream credibility; Balaji Srinivasan (former Coinbase CTO, prominent crypto thought leader) provides technical and strategic counsel; Kevin Lin (Twitch co-founder) offers consumer product expertise; Sam Palmisano (former IBM CEO) brings enterprise and regulatory relationships; Bradley Horowitz (former Google VP) contributes product and platform experience; and Hamel Husain (AI/ML expert) adds technical depth in artificial intelligence.
The funding structure included equity with attached token warrants—rights to a yet-to-be-released cryptocurrency. However, Neville explicitly stated in May 2025 that the company has "no plans at this point to launch a cryptocurrency or stablecoin," maintaining optionality while focusing on building regulated infrastructure first. The company's valuation was not disclosed, though industry observers suggest potential to exceed $100 million in a future Series A given the team, market opportunity, and strategic positioning.
First-mover racing against fintech and crypto giants
Catena operates in the nascent but explosively growing "AI-native financial infrastructure" category, positioning as the first company building a fully regulated financial institution specifically for AI agents. However, competition is intensifying rapidly from multiple directions as both crypto-native players and traditional fintech giants recognize the opportunity.
Stripe poses the most significant competitive threat following its $1.1 billion acquisition of Bridge (October 2024, closed February 2025). Bridge was the leading stablecoin infrastructure platform serving Coinbase, SpaceX, and others with orchestration APIs and stablecoin-to-fiat conversion. Post-acquisition, Stripe launched an Agentic Commerce Protocol with OpenAI (September 2025), an AI Agent SDK, and Open Issuance for custom stablecoin creation. With $106.7 billion valuation, processing $1.4 trillion annually, and massive merchant reach, Stripe can leverage existing relationships to dominate stablecoin payments and AI commerce. Their integration with ChatGPT (which has 20% of Walmart's traffic) creates immediate distribution.
Coinbase is building its own AI payments infrastructure through AgentKit and the x402 protocol for instant stablecoin settlements. As the major U.S. crypto exchange, USDC co-issuer, and strategic investor in Catena, Coinbase occupies a unique position—simultaneously partner and competitor. Google launched Agent Payments Protocol (AP2) in 2025 partnering with Coinbase and American Express, creating another competing protocol. PayPal launched PYUSD stablecoin (2023) with an Agent Toolkit, targeting 20 million+ merchants by end of 2025.
Emerging competitors include Coinflow ($25M Series A, October 2025 from Pantera Capital and Coinbase Ventures) offering stablecoin pay-in/pay-out PSP services; Crossmint providing API infrastructure for digital wallets and crypto payments across 40+ blockchains serving 40,000+ companies; Cloudflare announcing NET Dollar stablecoin (September 2025) for AI agent transactions; and multiple stealth-stage startups founded by Stripe veterans like Circuit & Chisel. Traditional card networks Visa and Mastercard are developing "Intelligent Commerce" and "Agent Pay" services to enable AI agent purchases using their existing merchant networks.
Catena's competitive advantages center on: first-mover positioning as AI-native regulated financial institution rather than just payments layer; founder credibility from co-inventing USDC and scaling Circle; regulatory-first approach building comprehensive compliance frameworks from day one; strategic investor network providing distribution (Circle for USDC, Coinbase for wallet ecosystem, a16z for web3 network effects); and open-source foundation building developer community early. The ACK protocols could become infrastructure standards if widely adopted, creating network effects.
Key vulnerabilities include: no product launched yet while competitors ship rapidly; small 9-person team versus thousands at Stripe and PayPal; $18 million capital versus $106 billion Stripe valuation; regulatory approval taking years with uncertain timeline; and market timing risk if agentic commerce adoption lags projections. The company must execute quickly on licensing and product launch before being overwhelmed by better-capitalized giants who can move faster.
Strategic partnerships enable ecosystem integration
Catena's partnership strategy emphasizes open standards and protocol interoperability rather than exclusive relationships. The XMTP (Extensible Message Transport Protocol) integration powers Duffle's decentralized messaging and enables seamless communication with Coinbase Wallet users—a direct code-level integration requiring no paper contracts. This demonstrates the power of open protocols: Duffle users can message Coinbase Wallet users end-to-end encrypted without either company negotiating traditional partnership terms.
The Circle/USDC relationship is strategically crucial. Circle Ventures invested in Catena, Neville remains on Circle's Board, and USDC is positioned as the primary stablecoin for Catena's payment rails. Circle's IPO filing (April 2025) at ~$5 billion valuation and path toward becoming the first publicly traded stablecoin issuer in the U.S. validates the infrastructure Catena is building on. The timing is fortuitous: as Circle achieves regulatory clarity and mainstream legitimacy, Catena can leverage USDC's stability and compliance for AI agent transactions.
Catena integrates multiple blockchain and social protocols including Ethereum Name Service (ENS), Farcaster, Lens Protocol, Mastodon (ActivityPub), and Bluesky (AT Protocol). The company supports W3C Web Standards (Decentralized Identifiers and Verifiable Credentials) as the foundation for ACK-ID, contributing to global standards rather than building proprietary systems. This standards-based approach maximizes interoperability and positions Catena as infrastructure provider rather than platform competitor.
In September 2025, Catena announced building on Google's Agent Payment Protocol (AP2), demonstrating willingness to integrate with multiple emerging standards. The company also supports Coinbase's x402 framework in ACK-Pay, ensuring compatibility with major ecosystem players. This multi-protocol strategy creates optionality and reduces platform risk while the agent commerce standards landscape remains fragmented.
Traction remains limited at early stage
As a seed-stage company that emerged from stealth only in May 2025, Catena's public traction metrics are limited—appropriate for this phase but making comprehensive assessment challenging. The company is pre-revenue and pre-product launch, focused on building infrastructure and obtaining regulatory approval rather than scaling users.
Developer metrics show modest early activity: GitHub organization has 103 followers, with the moa-llm repository garnering 51 stars and decent-ai (archived) achieving 14 stars. The ACK protocols were released just months ago with developer preview (ACK-Lab) launching in September 2025, providing 5-minute agent registration for testing. Catena has published demo projects on Replit showing agent-executed USDC-to-SOL exchanges and data marketplace access negotiations, but specific developer adoption numbers are not disclosed.
Financial indicators include the $18 million seed raise and active hiring across engineering, design, and compliance roles, suggesting healthy runway. The 9-person team size reflects capital efficiency and deliberate elite-team strategy rather than aggressive scaling. No user numbers, transaction volume, TVL, or revenue metrics are publicly available—consistent with pre-commercial status.
The broader ecosystem context provides some optimism: the XMTP protocol that Catena integrates with has 400+ developers building on it, Duffle achieved direct interoperability with Coinbase Wallet users (giving access to Coinbase's millions of wallet users), and the ACK open-source approach aims to replicate successful infrastructure plays where early standards become embedded in the ecosystem. However, actual usage data for Catena's own products (Duffle, DecentAI) remains undisclosed.
Industry projections suggest massive opportunity if Catena executes successfully. The agentic AI market is projected to grow from $5.1 billion (2024) to $150 billion (2030) at 44% CAGR, while agentic commerce specifically could reach $1.7 trillion by 2030. Stablecoins already process $15.6 trillion annually (matching Visa), with the market expected to hit $2 trillion by 2028. But Catena must translate this macro opportunity into actual products, users, and transactions—the critical test ahead.
Community building through technical content
Catena's community presence focuses on developer and technical audiences rather than mass-market consumer outreach, appropriate for infrastructure company at this stage. Twitter/X (@catena_labs) has approximately 9,844 followers with moderate activity—sharing technical demos, product announcements, hiring posts, and educational content about the agent economy. The account actively warns about fake tokens (Catena has not launched a token), demonstrating community protection focus.
LinkedIn shows 308 company followers with regular posts highlighting team members, product launches (Duffle, DecentAI, Friday, ACK), and thought leadership articles. The content emphasizes technical innovations and industry insights rather than promotional messaging, appealing to B2B and developer audiences.
GitHub serves as the primary community hub for developers, with the catena-labs organization hosting 9 public repositories under open-source licenses. Key repos include ack-lab-sdk, web-identity-schemas, did-jwks, tool-adapters, moa-llm (51 stars), and decent-ai (archived but open-sourced for community benefit). The separate agentcommercekit organization hosts 2 repositories specifically for ACK protocols under Apache 2.0 license. Active maintenance, comprehensive README documentation, and contribution guidelines (CONTRIBUTING.md, SECURITY.md) signal genuine commitment to open-source development.
Blog content demonstrates exceptional thought leadership with extensive technical articles published since May 2025: "Building the First AI-Native Financial Institution," "Agent Commerce Kit: Enabling the Agent Economy," "Stablecoins Meet AI: Perfect Timing for Agent Commerce," "AI and Money: Why Legacy Financial Systems Fail for AI Agents," "The Critical Need for Verifiable AI Agent Identity," and "The Agentic Commerce Stack: Building the Financial Capabilities for AI Agents." This content educates the market on agent economy concepts, establishing Catena as the intellectual leader in AI-native finance.
Discord presence is mentioned for earlier products (DecentAI, Crosshatch) but no public server link or member count is disclosed. Telegram appears non-existent. The community strategy prioritizes quality over quantity—building deep engagement with developers, enterprises, and technical decision-makers rather than accumulating superficial followers.
Regulatory approval defines near-term execution
Recent developments center on emerging from stealth (May 20, 2025) with simultaneous announcements of $18 million seed funding, open-source ACK protocol release, and vision to build the first AI-native financial institution. The coming-out-of-stealth moment positioned Catena prominently in media with exclusive Fortune coverage, TechCrunch features, and major blockchain/fintech publication articles.
The Sharda Caro Del Castillo appointment (July 29, 2025) as Chief Legal and Business Officer represents the most strategically significant hire, bringing world-class compliance expertise precisely when Catena needs to navigate unprecedented regulatory challenges. Her 25+ years at Affirm, Airbnb, Square, PayPal, and Wells Fargo provide both deep regulatory relationships and operational experience scaling fintech companies through IPOs and regulatory scrutiny.
Thought leadership initiatives accelerated post-launch with Sean Neville appearing on prominent podcasts: StrictlyVC Download (July 2025, 25-minute interview on AI agent banking infrastructure), Barefoot Innovation Podcast ("Pathfinder: Sean Neville is Changing How Money Will Work"), and MARS Magazine Podcast (August 2025, "AI is coming for your bank account"). These appearances establish Neville as the authoritative voice on AI-native finance, educating investors, regulators, and potential customers.
Technical development progressed with ACK-Lab developer preview launching (September 2025), enabling developers to experiment with agent identity and payment protocols in 5 minutes. GitHub activity shows regular commits across multiple repositories, with key updates to did-jwks (August 2025), standard-parse (July 2025), and tool-adapters (July 2025). Blog posts analyzing Google's Agent Payment Protocol (AP2) and the GENIUS Act (July 2025 stablecoin regulatory framework legislation) demonstrate active engagement with evolving ecosystem standards and regulations.
Roadmap prioritizes licensing over rapid scaling
Catena's publicly stated vision focuses on building comprehensive regulated infrastructure rather than launching quick payment products. The primary mission: enable AI agents to identify themselves securely, conduct financial transactions safely, execute payments at machine speed, and operate within compliant regulatory frameworks. This requires obtaining money transmitter licenses across U.S. jurisdictions, establishing the regulated financial institution entity, building AI-specific compliance systems, and launching commercial products only after regulatory approval.
Technology roadmap for ACK protocols includes enhanced identity mechanisms (support for additional DID methods, zero-knowledge proofs, improved credential revocation, agent registries, reputation scoring), advanced payment capabilities (sophisticated micropayments, programmable payments with conditional logic, subscription and refund management, outcome-based pricing, cross-currency transactions), protocol interoperability (deepening connections with x402, AP2, Model Context Protocol), and compliance tooling (agent-specific risk scoring, monitoring for automated transactions, AI fraud detection). These enhancements will roll out iteratively based on ecosystem needs and feedback from developer preview participants.
Financial services roadmap spans stablecoin-based payment rails (near-instant settlement, low fees, global cross-border capability), AI agent accounts (dedicated financial accounts linked to legal entities), identity and verification services ("Know Your Agent" protocols, authentication for AI-to-AI transactions), risk management products (AI-specific fraud detection, automated compliance monitoring, AML for agent transactions), treasury management (cash position monitoring, automated payment execution, working capital optimization), and payment processing (bridging to existing networks short-term, native stablecoin rails long-term).
Regulatory strategy timeline remains uncertain but likely spans 12-24+ months given unprecedented nature of licensing an AI-native financial institution. Caro Del Castillo leads engagement with regulators and policymakers, building compliance frameworks specifically for autonomous systems and establishing precedents for AI financial actors. The company actively commented on the GENIUS Act (July 2025 stablecoin legislation) and is positioned to help shape regulatory frameworks as they develop.
Team expansion continues with active recruitment for engineers, designers, compliance experts, and business development roles, though Catena maintains its elite small-team philosophy rather than aggressive hiring. Geographic focus remains United States initially (Boston headquarters) with global ambitions implied by stablecoin strategy and cross-border payment infrastructure.
Token launch plans remain explicitly on hold—Neville stated in May 2025 "no plans at this point" to launch cryptocurrency or stablecoin, despite investors receiving token warrants. This measured approach prioritizes regulated foundation before potential future token, recognizing that credibility with regulators and traditional finance requires demonstrating non-crypto business model viability first. Stablecoins (particularly USDC) remain central to the strategy but as payments infrastructure rather than new token issuance.
Competitive window closing as giants mobilize
Catena Labs occupies a fascinating but precarious position: first mover in AI-native regulated financial infrastructure with world-class founding team and strategic investors, facing mounting competition from vastly better-capitalized players moving at increasing speed. The company's success hinges on three critical execution challenges over the next 12-18 months.
Regulatory approval timing represents the primary risk. Building a fully licensed financial institution from scratch typically takes years, with no precedent for AI-native entities. If Catena moves too slowly, Stripe (with Bridge acquisition), Coinbase, or PayPal could launch competing regulated services faster by leveraging existing licenses and retrofitting AI capabilities. Conversely, rushing regulatory approval risks compliance failures that would destroy credibility. Caro Del Castillo's hire signals serious commitment to navigating this challenge properly.
Developer ecosystem adoption of ACK protocols will determine whether Catena becomes foundational infrastructure or niche player. Open-source release was smart strategy—giving away protocols to create network effects and lock-in before competitors establish alternative standards. But Google's AP2, Coinbase's x402, and OpenAI/Stripe's Agentic Commerce Protocol all compete for developer mindshare. The protocol wars of 2025-2026 will likely see consolidation around 1-2 winners; Catena must drive ACK adoption rapidly despite limited resources.
Capital efficiency versus scale demands creates tension. The 9-person team and $18 million seed round provide 12-18+ months runway but pale compared to Stripe's $106 billion valuation and thousands of employees. Catena cannot out-spend or out-build larger competitors; instead, it must out-execute on the specific problem of AI-native financial infrastructure while giants spread resources across broader portfolios. The focused approach could work if the AI agent economy develops as rapidly as projected—but market timing risk is substantial.
The market opportunity remains extraordinary if execution succeeds: $1.7 trillion agentic commerce market by 2030, $150 billion agentic AI market by 2030, stablecoins processing $15.6 trillion annually and growing toward $2 trillion market cap by 2028. Catena's founders have proven ability to build category-defining infrastructure (USDC), deep regulatory expertise, strategic positioning at AI-crypto-fintech intersection, and backing from top-tier investors who provide more than just capital.
Whether Catena becomes the "Circle for AI agents"—defining infrastructure for a new economic paradigm—or gets subsumed by larger players depends on executing flawlessly on an unprecedented challenge: licensing and launching a regulated financial institution for autonomous software agents before the competitive window closes. The next 12-24 months will be decisive.