Bastion receives conditional OCC approval for US national trust bank charter
Conditional approval adds federal oversight to Bastion's licenses
Stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency (OCC) granted it preliminary conditional approval for a US trust bank charter. A stablecoin is a digital token designed to hold a steady value, usually by tracking a currency such as the US dollar.
The charter would place Bastion under federal supervision from the OCC in addition to the state licenses the company already holds, according to a Friday news release. The approval is conditional, meaning the company must satisfy the regulator's requirements before the charter becomes final.
Key points
- The OCC granted Bastion preliminary conditional approval for a national trust bank charter.
- The proposed bank would operate as Bastion Platforms National Trust Company.
- It could not accept deposits or make loans, unlike a conventional commercial bank.
- It would offer stablecoin custody, wallets, payment infrastructure and white-label issuance from one federally regulated entity.
- Bastion has been working toward federal supervision since acquiring its New York trust charter in February 2025.
What the proposed bank would do
Under the name Bastion Platforms National Trust Company, the entity is designed to combine stablecoin custody and wallets, payment infrastructure and white-label issuance — services that let other companies issue their own stablecoins — within a single federally regulated company.
The trust charter structure means the bank would not be able to accept deposits or extend loans, which separates it from a traditional 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 Nassim Eddequiouaq, CEO of Bastion.
Bastion's path to federal supervision
Bastion acquired its New York trust charter in February 2025, which the company described as a step toward federal oversight. In September 2025, the company raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Sony, the investment subsidiary of Samsung, the crypto arm of venture capital firm Andreessen Horowitz, and crypto VC firm Hashed.
Other crypto firms seeking similar charters
Several other crypto companies are pursuing trust bank charters. Ripple has received conditional approval for a similar charter, while Circle and BitGo have received final approval. Kraken parent Payward, crypto infrastructure provider Zerohash and payments company Block have also submitted applications.
What is confirmed and what remains unclear
Confirmed: the OCC has granted Bastion preliminary conditional approval, the company would operate as Bastion Platforms National Trust Company, and the proposed bank could not accept deposits or make loans.
Unclear: the specific conditions attached to the approval and the timeline for final approval were not stated in the source material.
Why it matters
The approval would let Bastion offer stablecoin custody, wallets, payments and issuance services under a single federally regulated entity rather than through separate state licenses. The company's CEO framed the move as a response to stablecoins becoming part of core financial infrastructure, which he said requires higher standards of trust and governance.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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