Stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency (OCC) had granted it preliminary conditional approval for a US trust bank charter.
The charter adds federal supervision from the OCC to the state licenses Bastion already holds, according to a news release on Friday. Still, the proposed bank could not accept deposits or make loans, separating it from a conventional commercial bank.
Licensed as Bastion Platforms National Trust Company, it will offer stablecoin custody and wallets, payment infrastructure and white-label issuance from a single federally regulated entity.
“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 company has been building toward federal supervision since acquiring its New York trust charter in February 2025.
When we started @Bastion, we believed stablecoins would become core financial infrastructure. But for the world’s largest enterprises and financial institutions to adopt them, that infrastructure would need to meet the regulatory standards they already expect from their banks.… pic.twitter.com/Ekpa1wgscn
— Nass Eddequiouaq (@nassyweazy) September 18, 2026
In September 2025 Bastion had raised $14.6 million in a funding round led by Coinbase Ventures, with participation by Sony, the investment subsidiary of Samsung, the crypto arm of venture capital (VC) firm Andreessen Horowitz and crypto VC firm Hashed.
Ripple has received conditional approval for a similar charter, while Circle and BitGo have received final charter approvals. Kraken parent Payward, crypto infrastructure provider Zerohash and payments company Block have also submitted applications.
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