Bastion Platforms has received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter. With this federal regulatory green light, the firm is preparing to launch a new entity named Bastion Platforms National Trust Company. Under this single federally regulated entity, Bastion aims to offer stablecoin custody, crypto wallets, payment infrastructure, and white-label stablecoin issuance facilities.
The new approval adds a layer of federal OCC oversight on top of several state-level licenses Bastion already holds. This corporate move by the crypto infrastructure provider aligns with its long-term roadmap toward federal regulation, which began after acquiring a New York-based trust charter in February 2025.
“Stablecoins have moved from emerging technology into core financial infrastructure, and that requires a different standard of trust, governance and regulatory rigor,” said Bastion CEO Nassim Eddequiouaq in response to the preliminary OCC approval.
Specialized Bank Without Deposits
Despite carrying the national bank designation, the operations of Bastion Platforms National Trust Company are strictly limited by rules that distinguish it from conventional commercial banks. The proposed trust bank framework bars the entity from accepting customer deposits, and it holds no authority to issue credit or loans of any kind.
Instead of relying on interest income from lending, Bastion’s business model leans heavily on venture capital backing. In September 2025, Bastion raised $14.6 million in a seed funding round led by Coinbase Ventures. Global electronics giants such as Sony and Samsung, crypto venture firm Andreessen Horowitz (a16z crypto), and Hashed also participated in the round.
Growing List of Regulatory Applicants
Bastion follows several other crypto firms targeting this prestigious charter. Ripple already holds conditional approval for a similar trust bank charter. Meanwhile, USDC stablecoin issuer Circle and custody platform BitGo have progressed the furthest, having already secured final approval from the OCC.
The applicant list does not end there. Other entities that have filed charter applications include Payward, the parent company of Kraken exchange, infrastructure provider Zerohash, and Jack Dorsey’s Block.
The wave of federal trust bank charter applications by major stablecoin players reflects a shifting regulatory landscape in the United States toward tighter, institution-focused oversight. For retail users, this regulatory push ensures that stablecoin infrastructure will be built under federal banking governance standards, rather than solely state-level oversight.
Source: Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
