Bastion Secures Conditional OCC Approval for National Trust Bank Charter

Bastion Platforms National Trust Company has been granted preliminary conditional approval by the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The approval adds federal supervision to the state licenses the firm already holds.

Scope of the New Trust Bank

The chartered entity will not accept deposits or make loans, distinguishing it from a traditional commercial bank. Instead, it will focus on offering stablecoin custody services, wallet solutions, payment infrastructure, and white‑label stablecoin issuance under a single federally regulated framework.

Regulatory Context

According to Bastion’s CEO, the maturation of stablecoins into core financial infrastructure demands heightened trust, governance, and regulatory rigor. The company has been preparing for federal oversight since acquiring a New York trust charter in February 2025.

Industry Landscape

Other crypto firms are pursuing similar regulatory pathways. Ripple has received conditional approval for a comparable charter, while Circle and BitGo have secured final approval. Applications have also been filed by Payward (Kraken’s parent), Zerohash, and Block.

Funding Background

In September 2025, Bastion raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Sony, Samsung’s investment arm, Andreessen Horowitz’s crypto division, and Hashed.