Bastion Clears Hurdle for Federal Trust Charter Amid Crypto Banking Wave
Bastion, a stablecoin infrastructure provider, has cleared a major hurdle in its bid for a federal trust charter. The U.S. Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to Bastion's application for a national trust bank charter.
The proposed entity, called Bastion Platforms National Trust Company, will operate under federal supervision and focus on stablecoin custody, wallet services, payment infrastructure, and white-label issuance. However, it will not be permitted to accept deposits or make loans, setting it apart from traditional commercial banks.
Bastion has been working towards federal oversight since acquiring its New York trust charter in February 2025. The company's CEO, Nassim Eddequiouaq, framed the move as a response to the industry's maturation, saying 'stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor.'
The OCC approval is part of a broader wave of interest from crypto companies seeking U.S. banking or trust-charter pathways for digital-asset services. Other notable applicants include Circle, BitGo, Ripple, Kraken parent Payward, crypto infrastructure provider Zerohash, and payments company Block.