Stablecoin infrastructure provider Bastion announced that the Office of the Comptroller of the Currency (OCC) granted it preliminary conditional approval for a US trust bank charter. The new entity, licensed as Bastion Platforms National Trust Company, will operate under federal supervision in addition to the state licenses Bastion already holds. Unlike conventional commercial banks, this proposed institution is prohibited from accepting deposits or making loans. Instead, it will focus on offering stablecoin custody and wallets, payment infrastructure, and white-label issuance through a single federally regulated entity.
This development follows Bastion’s acquisition of its New York trust charter in February 2025, marking a continued push toward federal oversight. In September 2025, Cointelegraph reported that Bastion raised $14.6 million in a funding round led by Coinbase Ventures, with participation from Sony, Samsung’s investment subsidiary, Andreessen Horowitz’s crypto arm, and Hashed. Bastion joins other major players in the race for similar charters; Ripple has also received conditional approval, while Circle and BitGo have secured final approval. Additionally, Kraken parent Payward, Zerohash, and Block have submitted applications for comparable regulatory status.
The conditional approval signals a maturing regulatory pathway for stablecoin infrastructure, distinguishing between traditional banking activities and specialized digital asset services. By securing federal oversight without deposit-taking privileges, Bastion aligns with a model that prioritizes custody and issuance compliance over broad commercial lending risks. This structure allows the firm to integrate more deeply into the formal financial system while adhering to strict governance standards required by the OCC, potentially setting a precedent for how non-bank entities can achieve institutional credibility in the crypto sector.
Market implications suggest increasing consolidation among firms seeking regulatory clarity to attract institutional capital. With competitors like Circle and BitGo already holding final approvals, Bastion’s conditional status places it in a competitive tier alongside Ripple, highlighting the urgency for infrastructure providers to secure these charters before full market saturation. The involvement of major tech and venture backers such as Coinbase Ventures, Sony, and Samsung indicates that corporate stakeholders view federal regulation not as a barrier, but as a necessary component for scaling stablecoin operations within mainstream financial ecosystems.
