Stablecoin infrastructure provider Bastion announced that the Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a US trust bank charter.
According to a company news release issued on Friday, the new charter adds federal oversight from the OCC to the state licenses that Bastion already maintains. Operating under the proposed name Bastion Platforms National Trust Company, the entity will provide stablecoin custody and wallets, payment infrastructure, and white-label issuance from a single federally regulated platform. Because it is structured as a trust bank rather than a conventional commercial bank, it will not 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 firm has been pursuing federal supervision since obtaining its New York trust charter in February 2025.
Previously, in September 2025, it was reported that Bastion raised $14.6 million in a funding round led by Coinbase Ventures. Additional participants included Sony, Samsung's investment subsidiary, Andreessen Horowitz's crypto arm, and Hashed.
Bastion joins other firms seeking or holding similar federal status. Ripple has previously received conditional approval for a comparable charter, while Circle and BitGo have obtained final approval. Furthermore, applications have been submitted by Kraken parent Payward, crypto infrastructure provider Zerohash, and Jack Dorsey’s Block.
