Bastion Wins Conditional OCC Approval for US National Trust Bank Charter

Stablecoin infrastructure firm Bastion has received conditional approval from the US Office of the Comptroller of the Currency for a national trust bank charter.

Cointelegraph reported on Sept. 19 that the OCC granted Bastion preliminary conditional approval for the US trust bank charter. The approval would place Bastion under federal OCC supervision in addition to the state-level licenses it already holds. The charter, however, is for a trust bank that cannot accept deposits or make loans, distinguishing it from a commercial bank.

Bastion said it plans to offer stablecoin custody and wallet services, payments infrastructure and white-label issuance through a single federally regulated entity called Bastion Platforms National Trust Company. "Stablecoins have evolved from an emerging technology into core financial infrastructure, and that calls for corresponding standards for trust, governance and regulation," Chief Executive Officer Nassim Eddequiouaq said.

Bastion has been seeking entry into a federal supervisory framework since obtaining a New York state trust charter in February 2025. Cointelegraph previously reported that Bastion raised $14.6 million in a September 2025 funding round led by Coinbase Ventures, with participation from Sony, Samsung investment affiliates, Andreessen Horowitz's crypto arm and Hashed.

Bastion is one of several crypto companies pursuing a national trust bank charter. Ripple has received similar conditional approval, while Circle and BitGo have secured final approval. Payward, the parent company of Kraken, crypto infrastructure firm Zerohash and payments company Block have also submitted applications.