Stablecoin infrastructure provider Bastion announced that the Office of the Comptroller of the Currency (OCC) has provided preliminary conditional approval for a United States trust bank charter.
As outlined in a news release on Friday, this charter brings federal oversight from the OCC alongside the state licenses Bastion currently possesses. Nevertheless, the planned institution will not be permitted to take deposits or issue loans, distinguishing it from a traditional commercial bank.
Operating under the name Bastion Platforms National Trust Company, it will deliver stablecoin custody, wallet services, payment networks, and white-label issuance via one federally overseen organization.
“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.
The business has been working toward federal oversight ever since securing its New York trust charter back in February 2025.
Cointelegraph reported in September 2025 that Bastion secured $14.6 million through a financing round spearheaded by Coinbase Ventures, alongside contributions from Japanese conglomerate Sony, the investment wing of South Korean mobile manufacturer Samsung, the digital asset division of venture capital firm Andreessen Horowitz, and blockchain VC entity Hashed.
Ripple has obtained conditional approval for an equivalent charter, whereas Circle and BitGo have secured final approval. Kraken parent Payward, crypto infrastructure provider Zerohash, and payments enterprise Block have likewise filed applications, as documented by Cointelegraph.
Related: Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
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