Bastion Secures Conditional OCC Approval for US Trust Bank Charter

OCC approval — Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter in the United States.

The proposed entity, to be licensed as Bastion Platforms National Trust Company, will offer stablecoin custody, wallet services, payment infrastructure, and white-label issuance from a single federally regulated platform. CEO Nassim Eddequiouaq stated that stablecoins now represent “core financial infrastructure” requiring higher standards of trust and governance.

The charter adds federal OCC supervision to the state licenses Bastion already holds. However, the company clarified that the trust bank will not accept deposits or make loans, distinguishing it from a traditional commercial bank. Bastion has been building toward federal oversight since acquiring a New York trust charter in February 2025.

Bastion joins other crypto firms navigating the U.S. trust bank charter process. Ripple has also received conditional approval, while Circle and BitGo have obtained final charters. Applications from Kraken parent Payward, infrastructure provider Zerohash, and payments company Block are reportedly pending.