Bastion wins conditional OCC approval for national trust bank charter

Stablecoin infrastructure company Bastion has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency for a national trust bank charter. The approval would place Bastion Platforms National Trust Company under federal supervision in addition to the state licenses it already holds. The proposed trust bank would not be allowed to take deposits or make loans, but it would be able to provide stablecoin custody and wallets, payments infrastructure, and whitelabel issuance through a single regulated entity. Bastion said the step supports its effort to build regulated infrastructure for stablecoin services. The company previously received a New York trust charter in 2025, and it has raised funding from investors including Coinbase Ventures, Sony, Samsung’s investment arm, Andreessen Horowitz, and Hashed. The move comes as other crypto firms pursue similar bankcharter approvals, including Ripple, Circle, BitGo, Kraken parent Payward, Zerohash, and Block.