Bastion Gets Conditional OCC Nod for National Trust Bank Charter

Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a US national trust bank charter, the company announced on Friday. Licensed as Bastion Platforms National Trust Company, the entity will deliver stablecoin custody and wallets, payment infrastructure, and white-label stablecoin issuance from a single federally regulated platform. Unlike a conventional commercial bank, the proposed institution will not be permitted to accept deposits or make loans.

"Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor," said Bastion CEO Nassim Eddequiouaq. The charter adds federal OCC oversight on top of the state licenses Bastion already holds, including a New York trust charter acquired in February 2025. The move places Bastion among a growing cohort of crypto firms seeking federal banking credentials as stablecoins become more deeply embedded in the US financial system.

Bastion has raised $14.6 million to date, with a funding round closed in September 2025 led by Coinbase Ventures and backed by Sony, Samsung's investment arm, Andreessen Horowitz's crypto division, and crypto venture firm Hashed. The company now joins Ripple, which has also received conditional approval, alongside Circle and BitGo, both of which have secured final approval. Kraken parent Payward, crypto infrastructure provider Zerohash, and Jack Dorsey's Block have all submitted their own charter applications as competition for regulated crypto banking heats up.