Bastion Wins Conditional OCC Approval for National Trust Bank Charter
Stablecoin infrastructure provider Bastion announced it has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. This federal charter adds oversight alongside Bastion's existing state licenses, enabling it to offer stablecoin custody, wallets, payment infrastructure, and white-label issuance services through a single federally regulated entity.
Charter Details and Bastion’s Offerings
The charter, issued under the name Bastion Platforms National Trust Company, grants federal oversight by the OCC but restricts the bank from accepting deposits or issuing loans, distinguishing it from conventional commercial banks. Bastion aims to focus its services on stablecoin custody, wallets, payment infrastructure, and white-label issuance, all consolidated under one federally regulated entity.
Bastion CEO Nassim Eddequiouaq emphasized that stablecoins have evolved from emerging technology into core financial infrastructure, necessitating a higher standard of trust, governance, and regulatory rigor.
Context and Related Bank Charter Applications
Bastion has been pursuing federal oversight since acquiring its New York trust charter in February 2025. In September 2025, the company raised $14.6 million in funding led by Coinbase Ventures, with participation from Sony, Samsung’s investment arm, Andreessen Horowitz’s crypto division, and VC firm Hashed.
Other crypto firms like Ripple have received conditional charters, while Circle and BitGo obtained final charter approvals. Additionally, Payward (Kraken’s parent), crypto infrastructure firm Zerohash, and payments company Block have submitted applications, highlighting the growing push among crypto infrastructure companies to gain federal banking licenses in the U.S.
Why it matters
This news marks a significant milestone in the evolution of crypto infrastructure, as stablecoin providers move toward federal banking regulation in the U.S. Receiving preliminary OCC approval signals enhanced regulatory oversight and increased trust for Bastion, aiding the integration of digital currencies into the traditional financial system. It also reflects a broader market trend, with leading crypto firms pursuing national bank charters to legitimize and expand their services amid stringent regulatory environments.
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