Bastion Wins Conditional OCC Approval for US Trust Bank Charter

Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, the company announced Friday. Licensed as Bastion Platforms National Trust Company, the proposed institution will offer stablecoin custody and wallets, payment infrastructure, and white-label issuance from a single federally regulated entity. The charter adds federal OCC supervision to the state licenses Bastion already holds, though the entity will not be permitted to accept deposits or make loans, distinguishing it from a conventional commercial bank.

"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 company has been building toward federal oversight since acquiring its New York trust charter in February 2025. In September 2025, Bastion raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Samsung's investment arm, Sony, Andreessen Horowitz's crypto division, and crypto venture firm Hashed.

Bastion joins a growing roster of crypto firms pursuing US trust bank charters. Ripple has received conditional approval for a similar charter, while Circle and BitGo have secured final charter approvals. Kraken parent Payward, crypto infrastructure provider Zerohash, and payments company Block have also submitted applications to the OCC. Jack Dorsey's Block is separately seeking a trust bank charter to support its Bitcoin and stablecoin operations, reflecting accelerating institutional momentum behind federally regulated digital asset services.