Bastion Secures Conditional OCC Approval for National Trust Bank Charter

Bastion, a stablecoin issuer and partner for large enterprises and financial institutions, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency. This move opens the door to traditional banking systems, allowing Bastion to work closely with major financial institutions. 'If you are a bank, you cannot rely on simple fintech unless they are federally regulated,' said Chief Executive Nassim Eddequiouaq.

Bastion issues white-label stablecoins for other businesses and manages the custody of holding reserves and customer wallets behind the scenes. The company's backers include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, which raised $14.6 million in its latest funding round last year. Bastion was named the stablecoin partner of Japan's Sony Bank last year.

Eddequiouaq emphasized that stablecoins are gaining mainstream attention due to their ability to offer faster transactions with lower fees compared to wire transfers. 'There's going to be this expectation that banks can actually transact 24/7 for a fraction of a cent,' he said. The approval comes days after the Clarity Act, a bill to establish a regulatory framework for digital assets, failed to clear a procedural vote in the Senate.