Bastion wins conditional OCC approval for national trust bank charter
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Stablecoin infrastructure provider Bastion announced it received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a US trust bank charter. This federal charter will add OCC supervision to Bastion's existing state licenses. The new entity, Bastion Platforms National Trust Company, will provide stablecoin custody, wallets, payment infrastructure, and white-label issuance but will not accept deposits or make loans like a commercial bank.
Why it matters
According to Bastion's CEO Nassim Eddequiouaq, stablecoins have become core financial infrastructure, necessitating higher standards of trust, governance, and regulatory oversight. The federal charter represents a step toward stricter regulation and oversight of stablecoin services. The source does not elaborate further on the market or user impact.
Key context
Bastion has been pursuing federal supervision since acquiring a New York trust charter in February 2025. Preliminary approvals for trust bank charters have also been granted to other crypto firms such as Ripple, while Circle and BitGo have received final approvals. Several other crypto companies, including Kraken’s parent company Payward, Zerohash, and Block, have also applied for similar charters.
Key numbers and entities
The key entities are Bastion, the OCC, and investors including Coinbase Ventures, Sony, Samsung’s investment arm, Andreessen Horowitz’s crypto division, and VC firm Hashed. Bastion raised $14.6 million in September 2025, led by Coinbase Ventures. Related firms mentioned include Ripple, Circle, BitGo, Kraken/Payward, Zerohash, and Block.
What remains unclear
The source does not detail the specific conditions attached to Bastion’s preliminary approval or the timeline for full charter approval. It is unclear how Bastion’s operations under the charter will differ practically from other federally chartered trust banks. The article does not discuss regulatory challenges or the expected impact on Bastion’s customers or the broader stablecoin market.