Bastion Platforms National Trust Co. received conditional OCC approval for a U. trust bank charter, adding federal oversight while restricting it from taking deposits or making loans.
Bastion Platforms National Trust Company announced that the Office of the Comptroller of the Currency (OCC) granted it preliminary conditional approval for a U.S. trust bank charter. The approval adds federal supervision to the state licenses the firm already holds, but the charter does not permit the bank to accept deposits or make loans, distinguishing it from a traditional commercial bank.
Under the charter, the company plans to provide stablecoin custody and wallets, payment infrastructure, and white‑label issuance through a single federally regulated entity. "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, CEO of Bastion.
Bastion has been pursuing federal supervision since acquiring a New York trust charter in February 2025. Cointelegraph reported that in September 2025 the firm raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Sony, Samsung’s investment arm, Andreessen Horowitz’s crypto arm, and Hashed.
The report notes that Ripple has received a similar conditional charter, while Circle and BitGo have obtained final approval, and that Payward (Kraken), Zerohash, and Block have also submitted applications. Details on the specific conditions of Bastion’s approval were not disclosed.