Bastion has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
The new entity, Bastion Platforms National Trust Company, will bring stablecoin custody and wallet services, payment infrastructure, and white-label issuance under a single federally regulated structure.
Federal oversight alongside existing state licences
The OCC charter adds federal supervision to the state licences Bastion already holds, though the proposed trust bank will not be permitted to accept deposits or extend loans, distinguishing it from a conventional commercial bank. Nassim Eddequiouaq, CEO of Bastion, said stablecoins have shifted from an emerging technology into core financial infrastructure, a change that the company said calls for a higher standard of trust, governance, and regulatory rigour.
The approval builds on steps Bastion has taken since February 2025, when it acquired a New York trust charter, marking an earlier stage in its move towards federal-level regulatory status.
Moreover, in September 2025, Bastion raised USD 14.6 million in a funding round led by Coinbase Ventures. The funding underscored investor interest from both established technology companies and crypto-native investors in stablecoin infrastructure providers seeking regulatory clarity in the US market.
Part of a broader wave of charter applications
Bastion's conditional approval places it among a growing group of stablecoin and digital asset firms pursuing OCC trust bank charters. Ripple has also received conditional approval for a comparable charter, while Circle and BitGo have secured final charter approvals. Payward, Zerohash, and Block have submitted their own applications, reflecting continued momentum across the sector towards federally chartered status.
The trend follows increased regulatory attention on stablecoins in the US, with firms across payments, custody, and infrastructure seeking a unified federal framework rather than relying solely on a patchwork of state licences. Recently, in 2026, OCC also granted conditional approvals to digital banks Revolut and OpenReserve, authorisation which allows the companies to open national US banks.
For Bastion, the conditional approval is positioning the company within a segment of the market where regulatory status is increasingly viewed as a differentiator for institutional and enterprise clients.
