Stablecoin infrastructure provider Bastion said the Office of the Comptroller of the Currency (OCC) 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, the company said in a news release Friday. The proposed bank would not be permitted to accept deposits or make loans, separating it from a conventional commercial bank.
Licensed as Bastion Platforms National Trust Company, the entity will offer stablecoin custody and wallets, payment infrastructure, and white-label issuance from a single federally regulated base.
"Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor," said CEO Nassim Eddequiouaq.
Bastion has been building toward federal supervision since it obtained its New York trust charter in February 2025.
The company raised $14.6 million in a funding round led by Coinbase Ventures in September 2025, with participation from Sony, the investment subsidiary of South Korean phone maker Samsung, the crypto arm of Andreessen Horowitz, and Hashed.
Other crypto firms are pursuing similar charters. Ripple has received conditional approval for a comparable charter, while Circle and BitGo have already been granted final approval. Kraken parent Payward, stablecoin infrastructure provider Zerohash, and payments company Block have also filed applications, Cointelegraph reported.
