Key facts
- Bastion received preliminary conditional approval from the OCC for a US trust bank charter.
- The approved entity will be named Bastion Platforms National Trust Company.
- The company will offer stablecoin custody and wallets, payment infrastructure, and white-label issuance.
- The charter subjects Bastion to federal supervision by the OCC.
- Bastion acquired a New York trust charter in February 2025.
Stablecoin infrastructure provider Bastion announced on Friday that it has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a US trust bank charter. This federal charter will subject Bastion Platforms National Trust Company to OCC supervision, in addition to its existing state licenses. The proposed bank will focus on offering stablecoin custody and wallets, payment infrastructure, and white-label issuance from a single, federally regulated entity, though it will not be able to accept deposits or make loans like a traditional commercial bank.
Nassim Eddequiouaq, CEO of Bastion, stated that stablecoins have become core financial infrastructure, necessitating a higher standard of trust, governance, and regulatory rigor. Bastion has been working towards federal supervision since acquiring its New York trust charter in February 2025. Other firms in the crypto space have also pursued similar charters, with Ripple receiving conditional approval, and Circle and BitGo obtaining final approval. Companies like Kraken parent Payward, Zerohash, and Block have also applied for such charters.