In a move that nudges the cryptocurrency ecosystem closer to traditional banking oversight, Bastion announced that the U.S. Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a national trust bank charter. The decision, disclosed in a Friday-issued release, adds a layer of federal supervision to the state-level licences Bastion already possesses, marking a significant regulatory milestone for a firm whose core business revolves around stablecoin infrastructure.
The forthcoming charter will be issued under the name Bastion Platforms National Trust Company. While the designation subjects the entity to OCC oversight, it expressly prohibits the new trust bank from taking deposits or extending loans, differentiating it from a conventional commercial bank. This restriction reflects the OCC’s cautious approach to integrating crypto-related services into the broader financial system while still allowing innovation in custodial and transactional functions.
What the charter enables for Bastion
With the trust charter in place, Bastion will consolidate several of its offerings under a single federally regulated umbrella. The firm plans to provide stablecoin custody and wallet solutions, build out a payments infrastructure and deliver white-label issuance services to partners seeking to launch their own digital assets. By centralising these capabilities, the company aims to simplify compliance for clients and reinforce trust in stablecoins as a core component of financial infrastructure. “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, Chief Executive Officer of Bastion.
Regulatory journey and industry context
Bastion’s pursuit of federal supervision began after it secured a New York trust charter in February 2025. The new OCC approval builds on that foundation, positioning the firm alongside other crypto-focused entities that have sought similar status. Peer companies such as Ripple have already obtained conditional approval, while Circle and BitGo received final approval for their own trust charters. Additional applicants—including Payward (the parent of Kraken), infrastructure provider Zerohash, and payments platform Block—have also filed requests, underscoring a broader industry push for regulated pathways.
Funding boost supports expansion
Earlier in September 2025 Bastion closed a $14.6 million financing round that underscored investor confidence in its regulatory strategy. The round was led by Coinbase Ventures and attracted participation from Japanese technology conglomerate Sony the investment arm of South Korean smartphone maker Samsung the crypto-focused division of venture capital firm Andreessen Horowitz and the crypto-venture firm Hashed. This diversified capital infusion equips Bastion to scale its federally supervised services, enhance compliance frameworks, and compete more aggressively with other charter-holding players.
By marrying federal oversight with a robust funding base, Bastion appears poised to set new standards for how stablecoins are stored, transferred, and issued in the United States. The approval signals a willingness by regulators to engage with crypto innovators, provided they adhere to stricter governance and risk-management protocols.
