OCC Greenlights Bastion's Bid for National Trust Bank Charter

Bastion, a stablecoin infrastructure company founded in 2023 by two former a16z crypto executives, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to apply for a national trust bank charter.

The OCC's conditional approval is a significant milestone for Bastion, which focuses on providing white-label stablecoin issuance, reserve custody, customer wallets, and payment infrastructure for enterprises.

Bastion's investors include Coinbase Ventures, Sony Innovation Fund, and Samsung Next, with the latest funding round last year amounting to $14.6 million.