Bastion wins conditional OCC approval for national trust bank charter

Bastion, a provider of stablecoin infrastructure, said the Office of the Comptroller of the Currency has given preliminary conditional approval for a national trust bank charter. The proposed federally supervised entity will operate as Bastion Platforms National Trust Company and consolidate custody, wallet services, payment infrastructure and white-label stablecoin issuance under one chartered organization. Under the terms reported by the company, the trust bank would not function as a traditional commercial bank: it would be barred from accepting customer deposits and from making loans. The charter adds federal oversight from the OCC to the range of state licenses Bastion already holds, the company said in its release. Bastion has pursued federal supervision since obtaining a New York trust charter in February 2025. The firm previously raised capital in a September 2025 funding round reported by Cointelegraph, which said the $14.6 million raise was led by Coinbase Ventures and included participation from Sony, Samsung’s investment arm, a16z’s crypto arm, and crypto VC firm Hashed. The OCC has moved on several similar applications: Cointelegraph notes that Ripple received conditional approval for a comparable charter, Circle and BitGo have secured final approval, and other companies including Payward (Kraken’s parent), Zerohash and Block have filed applications or sought charters. Bastion’s conditional approval places it among a growing group of crypto and payments firms seeking federal trust status.